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
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.
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.
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.
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.
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.”
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.
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.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
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.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
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.
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.
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.’
Read on for full story.