Former Theranos CEO Elizabeth Holmes arrives at federal court in San Jose, Calif., on Oct. 17, 2022.
Jeff Chiu, Associated Press
A California federal court judge sentenced Theranos founder and convicted fraudster Elizabeth Holmes to 11.25 years in prison for bilking investors in efforts to prop up her failed blood testing tech startup.
How much restitution Holmes will have to pay will be determined at a separate hearing, but U.S. District Judge Edward Davila indicated that $121 million was a “reasonable total loss.”
Prosecutors were seeking a sentence of 15 years and $804 million in restitution while Holmes’ attorneys were hoping for probation or, at most, 18 months in jail. A pre-sentencing report from a California probation panel had suggested a nine year sentence.
While an appeal could delay the start of Holmes’ prison sentence, previous efforts by her attorneys to have the case re-heard have not been successful.
Holmes offered a tearful statement ahead of her sentence being handed down, according to tweets by Bay Area NBC-TV reporter Scott Budman who was in the courtroom on Friday.
“I stand before you taking responsibility for Theranos,” Holmes said. “It was my life’s work.”
“I am devastated by my failings. I have felt deep pain for what people went through, because I failed them. To investors, patients, I am sorry. I regret my failings with every cell of my body.”
Elizabeth Holmes found guilty on multiple counts of fraud. How much prison time does she face?
Source:: Deseret News – Utah News