Jury finds Elizabeth Holmes guilty of fraud
Sign up to our free US news bulletin sent straight to your inbox each weekday morning
Sign up to our free morning US email news bulletin
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.
Defence attorney Kevin Downey said Holmes had “good intentions” and there was no evidence that she had been driven by greed.
Holmes was convicted in January of three felony counts of wire fraud and one felony count of conspiracy to commit fraud.
Show latest update
Wall Street Journal reporter comments on Holmes sentence
John Carreyrou, whose reporting at the Wall Street Journal exposed problems at Theranos, was in court to see Holmes sentenced.
In comments outside the courthouse, the Bad Blood author said the sentence was “stiff” but appropriate given Holmes had put patients at risk.
Bevan Hurley18 November 2022 23:30
Elizabeth Holmes bypasses media, exits courthouse via side entrance
With dozens of cameras pointed at the main entrance to the federal courthouse in San Jose, Elizabeth Holmes ducked out of a side entrance.
She will have to report to corrections officials to begin her 11 year sentence in April.
Bevan Hurley18 November 2022 23:09
Selfless visionary or scheming grifter? Theranos founder Elizabeth Holmes sentenced to 11 years in prison
From college dropout at 19 to billionaire at 30 and convicted fraudster at 37, Elizabeth Holmes has had a life trajectory unlike any of her Silicon Valley peers. Her tainted legacy will continue to be fought over for years to come, Bevan Hurley writes.
Graeme Massie18 November 2022 22:35
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failure by fraud is not OK.’
Bevan Hurley has the story.
Graeme Massie18 November 2022 22:21
Judge Davila is now addressing the court
With the sentencing hearing approaching the four hour mark, Judge Davila is addressing the court ahead of delivering a sentence.
Bevan Hurley18 November 2022 21:58
Elizabeth Holmes in tears as she addresses the judge
Holmes is now addressing Judge Davila, says she takes responsibility for the Theranos failure.
“I stand before you taking responsibiliy for Theranos. It was my life’s work.”
Bevan Hurley18 November 2022 21:51
Theranos victim eyeballs Holmes
A dramatic moment in court: Alex Schultz looks directly at Holmes and says that his whistleblower son Tyler had to sleep with a knife due to fear of being harmed after she hired private investigators to pry into his life.
Bevan Hurley18 November 2022 21:44
Defense has wrapped up
After describing Holmes as a nice and considerate person, the defense has wrapped up.
Alex Schultz, the son of former Secretary of State George and father of Theranos whistleblower Tyler, is reading a victim impact statement.
He wrote to the court that Holmes had taken a “wrecking ball” to their family.
Bevan Hurley18 November 2022 21:42
Holmes had ‘good intentions’
Defense attorney Kevin Downey said Holmes had “good intentions” and there was no evidence that she had been by greed.
“Year in and year out, Elizabeth Holmes had the opportunity to become a very wealthy woman,” he said.
“Hundreds of millions of dollars. Year after year, she declined the offers.”
She had been let down by her advisers, Mr Downey added.
Bevan Hurley18 November 2022 21:34
Prosecutors say Holmes craved media attention
Holmes’ need for attention fuelled the fraud, prosecutors tell Judge Davila.
They have asked for a 15 year prison sentence as a deterrent in the high-profile case.
The defense is now making their final arguments.
Bevan Hurley18 November 2022 21:19