By Oyintari Ben
Elizabeth Holmes, founder of Theranos, was found guilty of cheating investors in her now-defunct blood-testing firm, which had a $9 billion valuation at the time, and a California judge sentenced her to 11 years and three months in prison.
In San Jose, California, US District Judge Edward Davila condemned Holmes on three charges of investor fraud and one count of conspiracy.
Holmes, 38, was found guilty by a jury in January after a three-month trial.
Holmes’s surrender was scheduled for April by the judge. Her attorneys are anticipated to ask the judge to keep her out on bail while she files an appeal.
Before the judge imposed the sentence, Assistant US Attorney Jeff Schenk said that a 15-year term would “make a statement that the aims don’t justify the means.”
However, Holmes’ attorney Kevin Downey argued at the hearing that unlike someone who committed a “big crime,” Holmes was not driven by money.
Holmes pleaded with the judge not to make her a “martyr to public emotion” in court filings, asking for a more moderate sentence of 18 months of home detention followed by community service.
Theranos’ technology and financial standing, according to the prosecution, were misrepresented throughout the trial by Holmes, who claimed that the company’s miniature blood testing device could perform a variety of tests using just a few drops of blood.
Prosecutors said that the business used covertly purchased standard machines from other businesses to do patients’ tests.
Prosecutors had stated that a 15-year term was essential to dissuade Holmes and others from fraud prior to her sentencing.
Her misdeeds, according to them, “undermined the trust and integrity” that Silicon Valley’s start-up ecosystem depends on.
According to court documents, the federal probation agency had suggested a nine-year prison term.
