Speed Reads

do not pass go

Theranos founder Elizabeth Holmes sentenced to 11 years for fraud

Elizabeth Holmes, who founded the disgraced blood-testing company Theranos, was sentenced on Friday to more than 11 years in prison for defrauding investors, The Washington Post reports.

Holmes was found guilty in January of four counts of fraud after federal prosecutors argued Holmes "chose fraud over business failure" when the tabletop blood-testing startup she founded in 2003 at age 19 began to crumble. An investigation found that officials at Theranos had lied to investors about the accuracy and capabilities of their blood-testing machines.

In recent months, Holmes had continued to push for a new trial after one witness reportedly told Holmes his testimony had been twisted by prosecutors to make her actions at Theranos look worse than they were.

Judge Edward Davila of the U.S. District Court for the Northern District of California sentenced Holmes to 135 months in prison, just over 11 years. She was facing a maximum of 20 years, and prosecutors were seeking a 15-year sentence. Holmes plans to appeal the verdict, but barring any change must report to prison on April 27, 2023, reports The New York Times. Her sentencing marks a conclusive note in one of the largest investment fraud schemes in American history.

Holmes herself addressed the court on Friday, declaring "I loved Theranos, it was my life's work," and apologizing to affected patients. "I regret my failings with every cell in my body," Holmes said.