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.
Next chapter in the Elizabeth Holmes story
Elizabeth Holmes’ meteoric rise and calamitous fall has captivated Silicon Valley and beyond.
Her story has been the subject of numerous podcast, books, an HBO documentary and dramatised in The Dropout.
Amanada Seyfried claimed the best lead actress Emmy Award for her portrayal of the Theranos founder in The Dropout.
Wall Street Journal reporter John Carreyrou’s book Bad Blood is also being turned into a movie.
Jennifer Lawrence had been cast to play the 38-year-old Holmes, but recently stepped down from the role.
Elizabeth Holmes’ pregnancy could be a factor in sentencing length
Prosecutors have called for a 15 year prison term to be imposed on the disgraced Theranos founder.
Her lawyers are seeking an 18-month term of incarceration to be served at home.
One factor that could play a part in Judge Edward Davila’s thinking is the fact that Holmes is pregnant with her second child.
She and husband Billy Evans welcomed their first child in 2021 — which delayed her fraud trial. Her pregnancy was revealed in a letter Mr Evans wrote to the court seeking a lenient sentence.
Elizabeth Holmes sought to blame her former boyfriend Sunny Balwani for Theranos downfall
A key part of Elizabeth Holmes’ defense at trial was to apportion blame to her Theranos COO and former boyfriend Ramesh “Sunny” Balwani.
Holmes testified that Balwani was emotionally and physically abusive towards her, and that his manipulative behaviour was the reason why Theranos failed.
Balwani was convicted of fraud in a separate trial in July and will be sentenced for his part in the scam next month.
Elizabeth Holmes arrives at court ahead of her sentencing
Elizabeth Holmes has just arrived for at the San Jose federal courthouse in California. Her sentencing is due to begin in around half an hour.
Holmes was accompanied by her husband Billy Evans, and parents Christian and Noel, all of whom wrote impassioned letters asking for leniency.
Media have been queuing outside the federal courthouse in San Jose, California, since the early hours of the morning to get a seat inside the courtroom.
Judge Edward Davila will determine Holmes’ fate
US District Judge Edward Davila will take centre stage at Holmes’ sentencing as he weighs the federal government’s recommendation to send Holmes, 38, to federal prison for 15 years.
That’s less than the maximum sentence of 20 years she could face, but her legal team is asking for incarceration of no more than 18 months, preferably served in home confinement.
Judge Davila presided over Holmes’ four-month trial in the same San Jose courthouse where she is being sentenced today.
Holmes arrived holding hands with husband Billy Evans
The heavily-pregnant Theranos founder arrived at the federal courthouse a few minutes ago in San Jose flanked by her husband Billy Evans and parents.
Her sentencing is due to begin ar 10am PCT.
Law 360 reporter Dorothy Atkins filmed this clip of her arrival.
Holmes trailed by large media pack
More video from NBC Bay Area of the Theranos founder’s arrival at the federal courthouse in San Jose.
Judge Edward Davila has entered the courtroom
Judge Edward Davila has entered the courtroom and the sentencing is underway.
Elizabeth Holmes’ friends and family have packed out the first two rows of the courtroom, according to reporters live-tweeting today’s sentencing.
Judge Davila is recapping the trial, where Holmes was convicted of four counts of defrauding investors.
Judge Davila says letters of support for Elizabeth Holmes came in as recently as last night
More than 140 of Holmes’ supporters wrote letters calling for a lenient sentence.
Judge Davila has told the court that more continued to arrive as recently as last night, according to Law 360 reporter Dorothy Atkins.
Attorneys are discussing whether Holmes “reckless disregard” for Theranos patients should be a factor in her sentence.
Holmes was acquitted of defrauding patients at trial.
Probation officers recommended a sentence of nine years
Judge Edward Davila tells the court that probation officers called for a term of nine years imprisonment.
Prosecutors called for a 15-year sentence, while Holmes legal team sought an 18 month period of home incerceration.
NBC Bay Area reporter Scott Budman notes that the judge has told Holmes, who is heavily pregnant, that she can remain seated for the entire hearing.