Sunday, June 1, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Elizabeth Holmes sentenced to more than 11 years in prison for Theranos fraud By Reuters

by Reuters
November 20, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


© Reuters. FILE PHOTO: Theranos founder Elizabeth Holmes and her family leave the federal courthouse after attending her fraud trial in San Jose, California, U.S. January 3, 2022. REUTERS/Brittany Hosea-Small/File Photo

By Jody Godoy and Dan Levine

SAN JOSE, Calif. (Reuters) -A California judge sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood testing startup that was once valued at $9 billion.

U.S. District Judge Edward Davila in San Jose, Calif., sentenced Holmes on three counts of investor fraud and one count of conspiracy. A jury convicted Holmes, 38, in January following a trial that spanned three months.

Holmes, dressed in a dark blouse and black skirt, hugged her parents and her partner after the sentence was handed down.

During the hearing, Holmes cried as she said she was “devastated” by her failures and would have done many things differently if she had the chance.

“I have felt deep shame for what people went through because I failed them,” she said.

Before handing down the sentence, Davila called the case “troubling on so many levels,” questioning what motivated Holmes, a “brilliant” entrepreneur, to misrepresent her company to investors.

“This is a fraud case where an exciting venture went forward with great expectations only to be dashed by untruths, misrepresentations, plain hubris and lies,” he said.

The judge set Holmes’ surrender date for April. Her lawyers are expected to ask the judge to allow her to remain free on bail during her appeal.

Assistant U.S. Attorney Jeff Schenk told the judge before he handed down the sentence that a 15-year sentence would be “making a statement that the ends don’t justify the means.”

Holmes’ attorney Kevin Downey sought home confinement for Holmes, saying leniency was justified because unlike someone who committed a “great crime” she was not motivated by greed.

The federal probation office had recommended a 9-year prison sentence, according to court papers.

Prosecutors and an attorney for Holmes declined to comment as they left court.

Prosecutors said at trial that Holmes misrepresented Theranos’ technology and finances, including by claiming that its miniaturized blood testing machine was able to run an array of tests from a few drops of blood. The company secretly relied on conventional machines from other companies to run patients’ tests, prosecutors said.

Holmes testified in her own defense, saying she believed her statements were accurate at the time.

Though she was convicted on four counts, Holmes was acquitted on four other counts alleging she defrauded patients who paid for Theranos tests.

Once valued at $9 billion, Theranos Inc promised to revolutionize how patients receive diagnoses by replacing traditional labs with small machines envisioned for use in homes, drugstores and even on the battlefield.

Forbes dubbed Holmes the world’s youngest female self-made billionaire in 2014, when she was 30 and her stake in Theranos was worth $4.5 billion.

But the startup collapsed after a series of articles in the Wall Street Journal in 2015 questioned its technology.

Holmes is expected to challenge her sentence and Davila’s rulings upholding her convictions at the 9th U.S. Circuit Court of Appeals.

Before handing down the sentence, Davila asked if any victims of Holmes’ fraud were in court.

Alex Shultz, whose son Tyler Shultz worked at Theranos and whose father, former U.S. Secretary of State George Shultz, invested in the company, told the judge how a family member once heard Holmes describe her supposedly revolutionary technology.

“What’s the hitch?'” the family member asked Holmes,

according to Shultz.

“There is no hitch,” Holmes responded.



Source link

Tags: ElizabethFraudHolmesprisonReuterssentencedTheranosyears
Previous Post

Nickel Digital, Metaplex and others continue to feel the impact of FTX collapse By Cointelegraph

Next Post

With a ‘back to normality’ message, Brazil’s Lula seeks to improve foreign ties By Reuters

Related Posts

DRDO to soon issue EOI for AMCA, HAL getting ready to bid through a consortium

DRDO to soon issue EOI for AMCA, HAL getting ready to bid through a consortium

by Euro Times
June 1, 2025
0

Defence Analysis and Growth Organisation’s (DRDO’s) Aeronautical Growth Company (ADA) is more likely to concern an expression of curiosity in...

Aegis Vopak Terminals, The Leela IPOs to list on Monday: Here’s what GMP indicates

Aegis Vopak Terminals, The Leela IPOs to list on Monday: Here’s what GMP indicates

by Navdeep Singh
June 1, 2025
0

Investor sentiment can be in concentrate on Monday, June 2, as Aegis Vopak Terminals and The Leela Palaces (Schloss Bangalore)...

Dingdong Stock: Steady Growth Amid Margin Pressure, Waiting Better Entry Point (NYSE:DDL)

Dingdong Stock: Steady Growth Amid Margin Pressure, Waiting Better Entry Point (NYSE:DDL)

by Astrada Advisors
June 1, 2025
0

This text was written byObserveAstrada Advisors delivers actionable suggestions that improve portfolio efficiency and uncover alpha alternatives, supported by a...

Trump administration cancels .7B in clean energy projects, including at Exxon’s Baytown

Trump administration cancels $3.7B in clean energy projects, including at Exxon’s Baytown

by Carl Surran
June 1, 2025
0

Could 31, 2025 8:48 PM ETExxon Mobil Company (XOM) InventoryPBW, EMN, ERTH, QCLN, SMOG, PBD, ICLN, HDLMY, CNRG, ACESBy: Carl...

ASUS ExpertBook P1 Review: Practical power for everyday tasks?

ASUS ExpertBook P1 Review: Practical power for everyday tasks?

by zee business
June 1, 2025
0

ASUS ExpertBook P1 Evaluation: Final month, Asus launched its AI-powered laptop computer — the ExpertBook P1 — in India. Based...

Why India’s hotels enjoy highest EV per room globally

Why India’s hotels enjoy highest EV per room globally

by Euro Times
May 31, 2025
0

India’s resort sector is hogging the headlines with the nation witnessing its largest-ever hospitality IPO. Brookfield-backed Schloss Bangalore, proprietor of...

Next Post
With a ‘back to normality’ message, Brazil’s Lula seeks to improve foreign ties By Reuters

With a 'back to normality' message, Brazil's Lula seeks to improve foreign ties By Reuters

VC firm Sequoia Capital’s Doug Leone on the fallout from FTX collapse

VC firm Sequoia Capital's Doug Leone on the fallout from FTX collapse

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

DRDO to soon issue EOI for AMCA, HAL getting ready to bid through a consortium

DRDO to soon issue EOI for AMCA, HAL getting ready to bid through a consortium

June 1, 2025
Gibraltar Industries: Shares Have Fallen Enough To Justify An Upgrade (NASDAQ:ROCK)

Gibraltar Industries: Shares Have Fallen Enough To Justify An Upgrade (NASDAQ:ROCK)

June 1, 2025
Trump’s tax bill could weaponize U.S. capital markets, hit foreign direct investment

Trump’s tax bill could weaponize U.S. capital markets, hit foreign direct investment

June 1, 2025
Best Altcoins to Buy Before Bitcoin Becomes ‘Exponentially Harder to Buy’

Best Altcoins to Buy Before Bitcoin Becomes ‘Exponentially Harder to Buy’

June 1, 2025
A man opens fire on German police near the Czech border and is shot dead

A man opens fire on German police near the Czech border and is shot dead

June 1, 2025
Latam Insights: Bolivia Bans Crypto Energy Transactions, Panama Accelerates Bitcoin Adoption

Latam Insights: Bolivia Bans Crypto Energy Transactions, Panama Accelerates Bitcoin Adoption

June 1, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

DRDO to soon issue EOI for AMCA, HAL getting ready to bid through a consortium

Gibraltar Industries: Shares Have Fallen Enough To Justify An Upgrade (NASDAQ:ROCK)

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In