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Elizabeth Holmes sentencing live: Theranos founder to face restitution hearing after being jailed for 11 years




The jury finds Elizabeth Holmes guilty of fraud

Theranos founder Elizabeth Homes has been sentenced to more than 1[ads1]1 years in prison for defrauding investors in the blood-testing startup.

Holmes, who plans to appeal, will not have to report for his 135-month prison sentence until April 2023, the judge announced during the hearing.

“I am devastated by my mistakes,” a heavily pregnant Holmes said in a tearful apology in the courtroom.

“I’ve felt deep pain for what people went through, because I let them down.”

Prosecutors had asked Judge Edward Davila to sentence Holmes to 15 years in prison and that she pay $800 million in restitution for her role in the company’s fraudulent claims.

Holmes’ lawyers cast her as a scapegoat who overcame a toxic relationship with Therano COO Ramesh “Sunny” Balwani to become a loving mother.

Holmes was convicted in January of three felony counts of fraud and one count of conspiracy to commit fraud.

Judge Davila said he would schedule a restitution hearing to determine how much Holmes must pay back at a later date.

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ADVERTISEMENT: Holmes’ conviction

Elizabeth Holmes was eventually sentenced to 135 months in prison followed by three years of supervised release on November 18.

A tearful Holmes, who is heavily pregnant with her second child, hugged her husband Billy Evans after the verdict was read out.

She previously apologized for her role in the collapse of the Silicon Valley firm – the first time she has admitted responsibility.

“I am devastated by my mistakes. I have felt deep pain for what people went through, because I let them down, Holmes said.

Her lawyers argued that Holmes deserves more lenient treatment as a well-intentioned entrepreneur who is now a devoted mother with another child on the way.

Judge Edward Davila described the case as “so disturbing on so many levels”.

“The tragedy of this case is that Ms Holmes is brilliant, she had creative ideas. She is a great thinker.

“She moved into an industry that was dominated by, let’s face it, male ego,” Judge Davila told the court, according to Mercury News reporter Ethan Baron. “Failure is normal. But failure by fraud is not okay.”

He ordered Holmes to surrender to judicial authorities in April – after she gives birth to her second child.

Megan Sheets19 November 2022 at 17.30

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The Elizabeth Holmes Scandal Explained

Elizabeth Holmes was found guilty of defrauding investors in her former blood-testing startup Theranos, ending a trial that gripped both Silicon Valley and the international media that initially helped her rise to stardom.

Holmes was eventually sentenced on November 18 to 135 months – over 11 years – in prison. Holmes is currently heavily pregnant and will begin her sentence in April 2023.

How did she get into this position? And how did the trial – described by some as “Silicon Valley’s trial of the century” – go?

The independent explains:

Megan Sheets19 November 2022 16:30

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Will Silicon Valley learn something from Holmes’ convictions?

Will anyone in the tech industry actually embrace this moment? Don’t count on it.

Megan Sheets19 November 2022 15:30

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Who is Elizabeth Holmes?

But for her many advocates and critics, Friday’s sentence is unlikely to end the debate over whether Holmes was a well-intentioned humanitarian who got in over her head, or a charlatan in a turtleneck sweater who chose “deception over transparency.”

The Ministry of Justice left no doubt about the 38-year-old’s criminal intent. In a scathing 46-page sentencing memoAssistant US Attorney Robert Leach described Theranos’ implosion as one of the most “substantial white-collar crimes Silicon Valley or any district has seen”.

Leach wrote that the Theranos founder “sparked investors’ hopes that a young, dynamic entrepreneur had changed healthcare”.

Meanwhile, Holmes’ legal team tried to portray her as a devoted mother, daughter and friend who tried to help countless others through her generosity and faith.

The Independent’s Bevan Hurley explores who Holmes really is:

Megan SheetsNovember 19, 2022 2:15 p.m

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Theranos founder Elizabeth Holmes sentenced to 11 years in prison

Judge Edward Davila told the heavily pregnant former Theranos CEO: “Failure is normal. But failure by fraud is not okay.’

Bevan Hurley19 November 2022 at 1 p.m

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Holmes admits responsibility for Therano’s failure in tearful courtroom apology

“I am devastated by my mistakes. I have felt deep pain for what people went through, because I failed them, Elizabeth Holmes told the judge through tears.

It was the first time Holmes took responsibility for the Theranos failure.

Elizabeth Holmes speaks on stage during the closing session of the 2015 Clinton Global Initiative

(Getty)

Bevan Hurley19 November 2022 at 12.00

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Devastating victim impact statement from the whistleblower’s father

Alex Schultz, the father of Theranos whistleblower Tyler, read a victim statement to say Holmes had taken a “wrecking ball” to his family.

He looked directly at Elizabeth Holmes as he said that Tyler had feared for his life after she hired private investigators to pry into his life.

“My son slept with a knife under his pillow every night thinking someone was going to come and kill him.”

Schultz is the son of former Secretary of State George Schultz, who was an early Theranos backer.

Bevan Hurley19 November 2022 at 11 a.m

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Selfless visionary or penetrating grasper?

But for her many advocates and critics, Friday’s sentence is unlikely to end the debate over whether Holmes was a well-intentioned humanitarian who got in over her head, or a charlatan in a turtleneck sweater who chose “deception over transparency.”

Bevan Hurley19 November 2022 at 10.00

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Theranos founder Elizabeth Holmes sentenced to 11 years in prison

Judge Edward Davila told the heavily pregnant former Theranos CEO: “Failure is normal. But failure by fraud is not okay.’

Bevan Hurley19 November 2022 at 09.00

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The judge says the tragedy of the case is that Holmes was ‘brilliant’

Before sentencing Holmes to 11 years and three months in prison, Judge Edward Davila described the case as “so disturbing on so many levels”.

“The tragedy of this case is that Ms Holmes is brilliant, she had creative ideas. She is a great thinker. She moved into an industry dominated by, let’s face it, male ego. She entered that world.”

Former Theranos CEO Elizabeth Holmes (C) arrives in federal court with her partner Billy Evans (R) and her mother Noel Holmes on November 18, 2022 in San Jose, California

(Getty Images)

Bevan Hurley19 November 2022 at 08.00



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