June 19, 2024

Founder of the blood-testing startup, ‘Theranos ’Elizabeth Holmes, has been sentenced to 11 years and some months in prison for defrauding investors of hundreds of millions of dollars.

Holmes ,38 was jailed on Friday, having been found guilty in January after a three-month trial after she falsely claimed the technology could diagnose disease with just a few drops of blood.

Pregnant Holmes was ordered to begin her prison sentence on April 27, 2023, in a case US District Judge Edward Davila described as “troubling on so many levels.”Before Davila handed down his sentence, Holmes stood up and addressed the judge directly as she said;“Looking back, there are so many things I would do differently if I had the chance. I regret my failings with every cell of my body.”

Considering her condition, Holmes will not have to surrender herself until April next year, ordered US District Judge Edward Davila in a courtroom in San Jose, California.

The Theranos founder had been convicted on four felony fraud counts in January for persuading investors that she had developed a revolutionary medical device before the company flamed out after an investigation by The Wall Street Journal. Holmes’s lawyer indicated she would appeal her conviction.

In a statement,the prosecutor stated that “For almost a decade, Elizabeth Holmes fabricated and spread elaborate falsehoods to draw in a legion of capital investors, both big and small, and her deceit caused the loss of hundreds of millions of dollars,” this was stated following the judge’s decision.

Moments before her sentencing, teary Holmes told the court, “I stand before you taking responsibility for Theranos. I loved Theranos. It was my life’s work.”She added, “I am devastated by my failings. Every day for the past years I have felt deep pain for what people went through because I failed them.” “I gave everything I had to building our company and trying to save our company.”

Marvelous Ogidi

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