Her scam is described as one of the most egregious white-collar crimes ever committed in Silicon Valley.
SAN JOSE, Calif. — Disgraced Theranos CEO Elizabeth Holmes was sentenced Friday to more than 11 years in prison for duping investors in the failed startup that promised to revolutionize blood testing but instead made her a symbol of Silicon Valley ambition that veered into deceit.
Holmes, who was CEO throughout the company’s turbulent 15-year history, was convicted in January in the scheme, which revolved around the company’s claims to have developed a medical device that could detect a multitude of diseases and conditions from a few drops of blood. But the technology never worked, and the claims were false.“This case is so troubling on so many levels,” Davila said. “What was it that caused Ms.
Recalling the humble beginnings of technology pioneer Hewlett-Packard in a small garage in Palo Alto — the same city where Theranos was based — he spoke wistfully of “honest, hard work.”Amanda Kramer, a former federal prosecutor who is now a defense attorney, described the sentence as “the equivalent of neon, flashing billboard” offering “a reminder the long-term consequences of fraud far outweigh any short-term gains.
Prosecutors also wanted Holmes to pay $804 million in restitution — an amount that covers most of the nearly $1 billion that she raised from investors. But the judge left that question for a future hearing that has not been scheduled. The judge gave Holmes more than five months of freedom before she must report to prison on April 27 — a window of time that should enable her to give birth to her second child before she is incarcerated. She gave birth to a son shortly before her trial started last year.
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