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Former Theranos EO Elizabeth Holmes has been sentenced to 11 years in jail

Former Theranos EO Elizabeth Holmes has been sentenced to 11 years in jail

Elizabeth Holmes, the former chief executive of the health company Theranos, has been sentenced to 11 years in federal prison. Theranos is a blood-testing startup that was created in 2003 and was considered a breakthrough health technology company set to change the world. 

 

Since the beginning of the company, reports claim Holmes was involved in defrauding investors out of hundreds of millions of dollars. Eventually Theranos was shut down in 2018. 

 

In January, the CEO was found guilty on four counts of defrauding investors and would potentially spend up to 20 years in prison as well as a fine of $250,000 plus restitution for each count.

 

As of Friday Holmes was officially sentenced by U.S. District Court Judge Edward Davilato prison with a fine of $400, or $100 for each count of fraud. 

 

The former CEO apologized to the employees, investors and patients of Theranos. “I’m so, so sorry. I gave everything I had to build our company and to save our company,” she said. “I regret my failings with every cell in my body.”

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She also said, “I loved Theranos. It was my life’s work. The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings.”

 

Lawyers for the government asked for a 15-year prison term. Restitution will be set at a later date. 

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