Elizabeth Holmes sentencing: Theranos founder to face restitution hearing after being jailed for 11 years
Prosecutors are demanding that Holmes be given 15 years in prison
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Theranos founder Elizabeth Homes has been sentenced to more than 11 years in prison for defrauding investors of the blood-testing startup.
Holmes, who plans on appealing, will not have to report for her 135-month prison sentence until April 2023, the judge announced during the hearing.
“I am devastated by my failings,” a heavily-pregnant Holmes said in a tearful courtroom apology.
“I have felt deep pain for what people went through, because I failed them.”
Prosecutors had asked Judge Edward Davila to sentence Holmes to 15 years in prison and that she pay $800m in restitution for her role in the company’s fraudulent claims.
Holmes’ lawyers cast her as a scapegoat who overcame a toxic relationship with Theranos COO Ramesh “Sunny” Balwani to become a loving mother.
Holmes was convicted in January of three felony counts of wire fraud and one felony count of conspiracy to commit fraud.
Judge Davila said he would schedule a restitution hearing to determine how much Holmes must repay at a later date.
Five takeaways from Elizabeth Holmes’s seven days of testimony
Once-lionized entrepreneur Elizabeth Holmes wrapped up seven days of testimony in her criminal fraud trial in early December 2021, largely having used the time to defend her actions as CEO of the startup Theranos. The company she founded had soared on the promise of innovative blood-testing technology only to crash in a sordid display of failure and alleged deceit.
Holmes alternately took responsibility for her missteps as CEO and cast herself as the abused victim of her former lover and business partner Sunny Balwani. She also repeatedly said she couldn't recall her actions at key points even when confronted with internal documents including her own emails.
Here are five takeaways from the trial to help you catch up as both sides prepare for closing arguments next week, after which the case will be in the hands of the jury.
What Elizabeth Holmes had to say at her trial: 5 takeaways
Once-lionized entrepreneur Elizabeth Holmes wrapped up seven days of testimony Wednesday in her criminal fraud trial, defending her actions as CEO of the startup Theranos
Sunny Balwani, Holmes’ ex-lover and Theranos partner, was also convicted of fraud and conspiracy
In July 2022, Ramesh “Sunny” Balwani, the former lover and partner of Theranos founder Elizabeth Holmes, was also found guilty of fraud and conspiracy charges.
Megan Sheets reported on the verdict at the time.
Elizabeth Holmes’ ex-lover and Theranos partner Sunny Balwani found guilty of fraud
A jury reached its verdict on 12 counts of fraud and conspiracy against Balwani on Thursday
‘The Dropout’: What was fact and what was fiction in the TV series
True Crime stories have slowly but surely been taking over pop culture – encompassing everything from podcasts to TV series.
In the case of The Dropout, it’s taken the form of both.
The hit documentary podcast, focusing on the rise and fall of Elizabeth Holmes and her multi-billion-dollar health tech company Theranos, was adapted into an eight-episode miniseries starring Amanda Seyfried.
But what was fact and what was fiction?
Profile: Theranos founder Elizabeth Holmes
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Elizabeth Holmes net worth, age and everything you need to know
Cory Booker among 140 supporters to ask the judge for leniency
US Senator Cory Booker is among the 140 friends, family and supporters to ask Elizabeth Holmes’ sentencing judge for leniency.
“I still believe that she holds onto the hope that she can make contributions to the lives of others, and that she can, despite mistakes, make the world a better place,” Booker wrote in a letter to Judge Edward Davila.
Mr Booker said that he still considers Holmes to be a friend.
Elizabeth Holmes: Disgraced Theranos CEO faces judgment day as she awaits sentencing
Today, a federal judge will decide whether disgraced Theranos CEO Elizabeth Holmes should serve a lengthy prison sentence for duping investors and endangering patients while peddling a bogus blood-testing technology.
Holmes’ sentencing in the same San Jose, California, courtroom where she was convicted on four counts of investor fraud and conspiracy in January marks a climactic moment in a saga that has been dissected in an HBO documentary and an award-winning Hulu TV series about her meteoric rise and mortifying downfall.
US District Judge Edward Davila will take center stage as he weighs the federal government’s recommendation to send Holmes, 38, to federal prison for 15 years.
Here’s what you need to know ahead of the judge’s decision:
Elizabeth Homes set to appear in court for Theranos trial sentencing - follow live
Prosecutors are demanding that disgraced CEO be given 15 years in prison
Defense attorneys release images of Elizabeth Holmes in plea for leniency
Elizabeth Holmes’ friends and family provided dozens of photographs of the Theranos founder to the court as they asked for leniency at today’s sentencing.
Media gather at San Jose federal courthouse
A large media presence have already arrived at the federal courthouse in San Jose ahead of Elizabeth Holmes’ sentencing.
John Carreyrou, the Wall Street Journal reporter whose coverage was so integral to the unravelling of Theranos, is at the scene.
Everything you need to know about the Theranos founder
Elizabeth Holmes was found guilty of defrauding investors in her former blood-testing startup company, Theranos, concluding a trial that gripped both Silicon Valley and the international media outlets which initially helped propel her to stardom.
An attempt at requesting a new trial faltered — she claimed that one of the key witnesses acknowledged regrets about the proceedings, however, he stood by his testimony — and on Friday she will be sentenced, with prosecutors calling for 15 years in jail for her crimes.
Here’s a comprehensive recap on how we got to today’s sentencing.
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Elizabeth Holmes net worth, age and everything you need to know
Elizabeth Holmes’ aunt calls for stiff sentence
Among those calling for Judge Edward Davila to impose a lengthy prison term at today’s sentencing is Elizabeth Holmes’ aunt.
Elizabeth Daoust was an early investor in Theranos and said in a victim impact statement obtained by the Wall Street Journal that white collar criminals are too often treated with leniency by the courts.
The parents of whistleblower Tyler Shultz wrote in a letter to the judge that Holmes took a “wrecking ball” to their family.
Prosecutors have asked for a 15 year prison sentence.