Prosecutors seeking 15 years behind bars for Theranos CEO Elizabeth Holmes
Federal prosecutors are recommending a sentence of 15 years in prison for disgraced Theranos founder Elizabeth Holmes, Reuters reported Friday.
Holmes, 38, was found guilty this past January of defrauding investors about the merits of Theranos' blood-testing machines. She is facing a maximum of 20 years in prison, though experts predicted her actual sentence would likely be shorter.
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Holmes is scheduled to be sentenced next week, and her time in prison will be the final domino to fall in one of the largest investment fraud schemes in American history, as well as one of the most notable falls from grace in tech history. Forbes had at one point named Holmes the youngest self-made female billionaire in the country, and Theranos had an estimated valuation of $9 billion.
However, an investigation by The Wall Street Journal soon revealed that Holmes and other top officials at Theranos had lied to investors about the accuracy and capabilities of their blood-testing machines. As the investigation grew to involve the federal government, Theranos' value soon plunged to zero, and the SEC soon charged Holmes with "massive fraud" related to her running of the company.
According to reports from The Associated Press and Bloomberg, Holmes is seeking an 18-month house arrest sentence in lieu of prison time. However, it was noted that, given the scope of her crimes, this request was unlikely to be granted.
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