Bankman-Fried hasn't been charged with a crime, but he's in legal jeopardy after revelations that his company was unable to give depositors their money back because some of it was used to fund risky, losing bets. Holmes' sentencing comes as another young tech former billionaire icon, Sam Bankman-Fried, faces a daunting future, following the sudden collapse of his cryptocurrency exchange FTX last week. The Theranos founder gave birth in July to her first child, and is expecting another. Holmes' partner, Billy Evans, told the court that the former employee made remorseful remarks at their shared residence.īut that employee, Adam Rosendorff, told the court that his remarks were due to distress at the thought of a child spending time without their mother. The erstwhile billionaire had attempted to move for a new trial after a former employee appeared at her doorstep in August to speak with her. A jury has convicted Theranos founder Elizabeth Holmes on four counts of fraud on their seventh day of deliberations. District Court Judge Edward Davila, who presided over Holmes' trial, handed down the sentence. In July, Balwani, who was romantically involved with Holmes years earlier, was found guilty of 12 criminal fraud charges. Prosecutors sought a 15 year sentence for the pregnant 38-year-old former billionaire and Silicon Valley celebrity. "I have felt deep pain for what people went through because I failed them. On Friday, federal judge Edward Davila handed down a prison sentence of 135 months, or 11.25 years, with 3 years of supervised release for the 38-year-old founder and former CEO of Theranos. Thank you for the courtesy and respect you have shown me," she said Friday. ![]() Once valued at $9 billion by private investors, Theranos shut down in 2018. Whistleblowers and other witnesses came forth to provide detailed accounts of how Holmes and former operating chief Ramesh "Sunny" Balwani deceived patients, partners, investors and employees about the company's progress and the capabilities of its technology. ![]() The Wall Street Journal first broke the story of how Theranos' blood-testing technology was struggling to meet expectations in 2015. Instead, she was given 135 months, which amounts to 11 years and three months, behind bars. Her defense team argued she should face a maximum sentence of 18 months, according to court filings. I gave everything I had to build my company." Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Should no new trial be ordered, Holmes and her attorneys are also seeking a reduction to her sentence of more than 11 years in prison, which they called "severe" and erroneously decided.Best Debt Consolidation Loans for Bad Credit The lawyers also argue the government committed violations during its prosecution - ones that the District Court Judge Ed Davila nevertheless "indulged" as he "abus" his discretion, according to the filing.Īlong with the exclusion of key testimony from Holmes' co-defendant, Sunny Balwani, during which they argue that Balwani implicated himself in running the company's finances, the jury's guilty verdict for Holmes was "unjust," the lawyers write. Food & Drug Administration (FDA) approved an assay on Theranos’ proprietary technology." Theranos’ groundbreaking developments received many patents. Elizabeth Holmes, founder of the blood-testing lab Theranos, has filed an appeal of her January 2022 conviction on four counts of fraud in connection with her time as chief executive of the. ![]() Outsiders who reviewed the technology said it worked. "Highly credentialed Theranos scientists told Holmes in real time the technology worked. Here's how Holmes went from precocious child, to. Theranos' value grew to 9 billion until flaws in the technology were exposed and Holmes was charged with fraud. "But the reality differed significantly from that narrative," Holmes' attorneys say. Elizabeth Holmes dropped out of Stanford at 19 to start blood-testing startup Theranos.
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