Elizabeth Holmes Sentenced For More Than A Decade For Defrauding Investors

After a four-month trial, Theranos founder Elizabeth Holmes has been sentenced to more than 11 years in prison for her role in defrauding investors.

Federal Judge Edward Davila said in a statement following the sentencing the court had calculated the total loss as $384 million in investments and $121 million in share value losses could be attributed directly to Holmes’s fraud.

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“This is a fraud case where an exciting venture went forward with great expectations and hope, only to be dashed by misrepresentation, hubris, and plain lies,” he said.

Mr Davila also found Ms Holmes defrauded more than ten investors, including media mogul Rupert Murdoch and the family of former government official and investor Betsy DeVos.

Theranos was founded by a then 19-year-old Ms Holmes, who promised revolutionary technology which could perform numerous health tests with just a drop of blood.

In 2015, the Wall Street Journal revealed inaccuracies within Theranos’ core technology, the business later crumbling in 2018 and MS Holmes charged with 12 counts of fraud alongside co-executive and former partner, Sunny Balwani, who was convicted of 12 counts through his own trial.

Open serving her sentence, Mr Davila ordered MS Holmes to three years of supervised release.

Ms Holmes has been ordered to surrender into custody in April 2023.

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