A judge sentenced Theranos founder Elizabeth Holmes to 11 years and 3 months in prison on November 18, 2022, for wire fraud and conspiracy to commit wire fraud, according to The New York Times. NBC Bay Area reports that the founder of a health tech business will serve three years of supervised release.
Although her attorneys asked for a postponement of her prison term “while her lawyers try to persuade an appeals court that alleged misconduct during her four-month trial led to an unjust verdict,” U.S. District Judge Edward Davila ruled that there wasn’t enough compelling evidence to let her remain free on bail while her appeal proceeds, as reported by the Seattle Times. Holmes, 39, was scheduled to turn herself in on April 27, but her surrender date has been delayed due to a last-minute appeal.
Holmes was visibly pregnant at her final sentencing and was acknowledged to be pregnant with her second kid (whose name is still unknown) in court records earlier this year. Since then, it has been quite evident that she has already delivered her second child.
Everyone is curious about Holmes’s past and future endeavors now that she has been convicted and sentenced to prison. This is the whole guide:
Who is Elizabeth Holmes?
Former Theranos CEO and founder Elizabeth Holmes. At the age of 19, Holmes enrolled at Stanford University but left in the middle of her sophomore year to focus on establishing her business.
She reportedly told her family that she would become a billionaire when she matured. Forbes magazine called her the youngest-ever self-made billionaire in 2015. However, Forbes lowered her estimated net worth to near nil as fraud allegations surfaced about her company.
What was Theranos?
Theranos was a startup business in the medical technology sector that aimed to streamline the blood testing process. Holmes’s contraption, which he termed the Edison device, claimed to be capable of performing over 200 medical tests using just a single drop of blood.
A small drop of blood from a finger prick may provide the same information as a bigger sample for blood tests, therefore this was the plan.
The company made bold claims about its efficacy, which attracted a number of high-profile investors such as Google co-founder Larry Ellison, healthcare investor Brian Grossman, and former U.S. Secretary of Education Betsy DeVos, who together invested $945 million in Holmes’ company, per Yahoo.
For What Crime Was Elizabeth Holmes Tried?
Her company’s initial success didn’t last long. Contrary to Holmes’s claims, the gadget did not work. Despite the company’s assertions to the contrary, it had not received endorsement from major corporations like Pfizer.
In 2013, Theranos collaborated with Walgreens to create in-store blood collection stations which were valued at $10 billion. Entertainment Tonight said that the company’s clients included the Cleveland Clinic, Capital BlueCross, and AmeriHealth Caritas.
This led to nine counts of wire fraud and two counts of conspiracy to conduct wire fraud being filed against Holmes. After at least four postponed hearings in 2021, she was finally found guilty on three charges of wire fraud and one count of conspiracy to commit wire fraud on January 3, 2022, as reported by Insider.
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Holmes Has Been Sentenced to Prison
A judge has ordered disgraced Theranos founder Elizabeth Holmes to surrender to authorities on May 30th, ahead of the appeal of her fraud conviction.
Holmes, now 39 years old, had requested a judge’s release from jail pending the outcome of her appeal of her conviction for fraud involving blood samples.
After a jury found her guilty of fraud last year, she was given a sentence of almost 11 years in jail.
Holmes was also sentenced to pay $452m (£364m) to victims in a separate verdict by US District Judge Edward Davila.
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