• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy

Towleroad Gay News

Gay Blog Towleroad: More than gay news | gay men

  • Travel
  • Sports
  • Law/Justice
  • Celebrities
  • Republicans
  • Madonna
  • Books
  • Men
  • Trans Rights
  • Royals
  • Monkeypox
  • Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer
  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!
  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

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

Towleroad November 19, 2022 Leave a Comment

Published by
Reuters

By Jody Godoy and Dan Levine

SAN JOSE, Calif. (Reuters) -A federal judge on Friday 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.

In San Jose, California, U.S. District Judge Edward Davila sentenced Holmes, 38, on three counts of investor fraud and one count of conspiracy after a jury convicted her last January following a trial spanning three months. The prosecution had recommended a sentence of 15 years in prison, while the defense had urged the judge to impose no prison time.

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

During the sentencing 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,” Holmes 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,” the judge said.

Davila set an April surrender date for Holmes.

Her lawyers are expected to ask the judge to allow her to remain free on bail during her planned appeal. They are expected to appeal the judge's decisions to uphold the jury's conviction of Holmes as well as her sentence at the San Francisco-based 9th U.S. Circuit Court of Appeals.

Assistant U.S. Attorney Jeff Schenk told Davila during the hearing 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, 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.

U.S. Attorney Stephanie Hinds said the sentence for Holmes “reflects the audacity of her massive fraud and the staggering damage she caused.” Downey declined to comment as he left court.

Prosecutors said during the 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.

She was convicted on four counts but acquitted on four other counts alleging she defrauded patients who paid for Theranos tests.

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. Theranos collapsed after a series of Wall Street Journal articles in 2015 questioned its technology.

Actress Amanda Seyfried in September won an Emmy Award for portraying Holmes in the limited series “The Dropout.”

Before sentencing Holmes, Davila asked if any of her victims were in the courtroom.

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.

(Reporting by Jody Godoy in New York and Dan Levine in San Jose; Editing by Noeleen Walder, Diane Craft and Will Dunham)

Topics: A News, Aaon, Law/Justice More Posts About: Elizabeth Holmes, Theranos

Related Posts
  • U.S. seeks 15 years for Elizabeth Holmes over Theranos fraud
  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Published by BANG Showbiz English Mel B will “always be open” when it comes to her sexuality. The Spice Girls singer, 48, who reunited with her bandmates including the group's ex-singer Victoria Beckham for the fashion …Read More »
  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Published by BANG Showbiz English Megan Thee Stallion is being sued for allegedly creating a hostile work environment and forcing her cameraman to watch her having lesbian sex. The 29-year-old ‘Savage' rapper faces the salacious claims …Read More »
  • Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Published by BANG Showbiz English Jonathan Bennett's life was “changed forever” by his role in ‘Mean Girls'. The 42-year-old actor starred as heartthrob Aaron Samuels in the 2004 cult classic – which followed Lindsay Lohan, Rachel …Read More »
  • Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Published by BANG Showbiz English Sir Elton John sent Lance Bass a gift basket after he came out as gay. The 44-year-old NSYNC star revealed the legendary singer showed his support when Lance decided to reveal …Read More »
Previous Post: « In Washington, an older generation begins stepping aside
Next Post: Martha Stewart Confesses She Is ‘Fascinated’ By Brad Pitt & ‘Melts’ Every Time She Sees Pics Of The ‘Handsome Young Boy’ »

Primary Sidebar

Most Recent

  • Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer

    Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer

  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

  • Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

  • Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Sir Elton John sent Lance Bass gift basket to celebrate coming out

  • Relationship status influences heterosexual women’s sexual prejudice towards lesbians

    Relationship status influences heterosexual women’s sexual prejudice towards lesbians

  • JoJo Siwa had a challenge transitioning to new grown-up image

    JoJo Siwa had a challenge transitioning to new grown-up image

  • Liz Hurley defends lesbian sex scene in new movie that was directed by her son

    Liz Hurley defends lesbian sex scene in new movie that was directed by her son

Partner Links

  • Remains of the Day (06/16)
    Out: NYC dad wins Pedro Pascal lookalike contest, receives $50 and […]
  • ‘Andor,’ ‘Severance,’ ‘The White Lotus,’ ‘The Last of Us’ and ‘Hacks’ Lead LGBTQ Critics’ Dorian TV Award Nominations
    Adding some Hollywood fizz to Pride month, the 560-member strong GALECA: The […]
  • OMG, new music: Mariah Carey returns with video for single ‘Type Dangerous’
    What the music generated by AI? Maybe! Mimi is back with […]
  • Ted Cruz Calls For War With Iran
    Ted Cruz told Maria Bartiromo that he would love to see […]
  • Man Arrested At PA No Kings Rally With Concealed Gun And Clips
    A man who was apparently wearing police gear and carrying over […]

Most Commented

Social

Twitter @tlrd | Facebook | Instagram @tlrd

About

  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy
[towleroadmr] [towleroadtn]

Footer

Ptown Hacks 2018

Read

  • Travel
  • Film
  • Law – LGBT Rights
  • Columns
  • Specials

About

  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy

Copyright © 2025 · Log in

×
×