{"id":1626,"date":"2022-11-19T11:32:45","date_gmt":"2022-11-19T11:32:45","guid":{"rendered":"https:\/\/africaparrot.com\/?p=1626"},"modified":"2022-11-19T11:32:45","modified_gmt":"2022-11-19T11:32:45","slug":"elizabeth-holmes-case-tech-fraudster-sentenced-in-federal-court-to-11-years-in-prison-for-fraud","status":"publish","type":"post","link":"https:\/\/africaparrot.com\/index.php\/2022\/11\/19\/elizabeth-holmes-case-tech-fraudster-sentenced-in-federal-court-to-11-years-in-prison-for-fraud\/","title":{"rendered":"Elizabeth Holmes case: Tech fraudster sentenced in federal court to 11 years in prison for fraud"},"content":{"rendered":"

Elizabeth Holmes, the ex-CEO of Theranos, has been sentenced to 11.25 years in federal prison. She was convicted of fraud and conspiracy after misleading investors about her blood-testing startup company.<\/p>

\"\"<\/a><\/div>\n

The federal judge decided that the sentence is with three years of supervised release.<\/p>\n

Holmes will self-surrender on April 27, which likely allows her to complete her pregnancy.<\/p>\n

The sentence imposed by U.S. District Court Judge Edward Davila marks the end of a momentous fall from grace for the one-time darling of Silicon Valley, who was once deemed the youngest and richest self-made female billionaire in the world.<\/p>\n

Prosecutors had asked for 15 years; her legal team had asked for 18 months of home confinement. <\/p>\n

“There are so many things I would do differently if I had the chance,” Holmes said before hearing the judge’s sentence. “I tried to realize my dream too quickly.”<\/p>\n

At times, she wept in court.<\/p>\n

“I stand before you taking responsibility for Theranos,” she said through tears. “I loved Theranos. It was my life’s work.”<\/p>\n

Holmes was convicted in January of three counts of fraud and one count of conspiracy for swindling investors out of $144 million.<\/p>\n

Before being indicted, Holmes positioned herself as the next Steve Jobs, seeking to disrupt the biotech industry with her blood-testing company Theranos.<\/p>\n

But while she received fame and adulation following her claims that her technology could perform hundreds of tests with a single drop of blood, the reality was much different. <\/p>\n

Theranos was secretly using third-party analyzers to test patients’ blood after the company’s proprietary Edison machines never worked. <\/p>\n

Nevertheless, Holmes courted deep-pocked investors, raising nearly a billion dollars with bogus claims and doctored documents. Holmes admitted at trial that she added pharmaceutical companies’ logos to reports claiming they had comprehensively validated her technology. <\/p>\n

Holmes passed those documents to investors, telling them her analyzers were being used by the U.S. military, when they never were. <\/p>\n

Davila, the judge, lamented that Holmes’ obvious talents were misspent. <\/p>\n

“Was there a loss of a moral compass here?” Davila asked in court, pondering Holmes’ motivation. “The tragedy of this case is Ms. Holmes is brilliant.”<\/p>\n

Holmes and her partner Sunny Balwani partnered with Safeway before Theranos cut a deal with Walgreens and began testing patients’ blood at locations in Arizona and California before their secrets were exposed by the Wall Street Journal in 2015.<\/p>\n

Balwani was separately convicted of 12 counts of fraud earlier this year. He’s set to be sentenced in December. <\/p>\n","protected":false},"excerpt":{"rendered":"

Elizabeth Holmes, the ex-CEO of Theranos, has been sentenced to 11.25 years in federal prison. She was convicted of fraud and conspiracy after misleading investors about her blood-testing startup company. The federal judge decided that the sentence is with three years of supervised release. Holmes will self-surrender on April 27, which likely allows her to […]<\/p>\n","protected":false},"author":3,"featured_media":1627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nElizabeth Holmes case: Tech fraudster sentenced in federal court to 11 years in prison for fraud - Africa Parrot<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/africaparrot.com\/index.php\/2022\/11\/19\/elizabeth-holmes-case-tech-fraudster-sentenced-in-federal-court-to-11-years-in-prison-for-fraud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elizabeth Holmes case: Tech fraudster sentenced in federal court to 11 years in prison for fraud - Africa Parrot\" \/>\n<meta property=\"og:description\" content=\"Elizabeth Holmes, the ex-CEO of Theranos, has been sentenced to 11.25 years in federal prison. 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