Elizabeth Holmes verdict immediate: Theranos founder to face restitution hearing after 11 years in prison

A jury found Elizabeth Holmes guilty of fraud

Theranos founder Elizabeth Homes has been sentenced to more than 11 years in prison for defrauding investors of her blood-testing startup.

Holmes, who plans to appeal, will not have to report to a 135-month prison term until April 2023, the judge announced during the hearing.

“I am devastated by my failure,” a heavily pregnant Holmes said in a laughing courtroom apology.

“I’ve felt deep pain for what people are going through, because I failed.”

Prosecutors have asked Judge Edward Davila to sentence Holmes to 15 years in prison and that he pay $800 million in restitution for his role in the company’s false claims.

Holmes’ lawyers cast her as a scapegoat who overcame a toxic relationship with Theranos COO Ramesh “Sunny” Balwani as a loving mother.

Holmes was convicted in January of three felony counts of wire fraud and one felony count of conspiracy to commit wire fraud.

Judge Davila said he will schedule a restitution hearing to determine how much Holmes must pay back at a later date.

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Theranos founder Elizabeth Holmes was sentenced to 11 years in prison

Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failing with fraud is not OK.’

Bevan HurleyNovember 19, 2022 1:00 p.m

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Holmes admitted responsibility for Theranos’ failure in a laughing courtroom apology

“I am devastated by my failure. I feel a deep pain for people, because I failed,” Elizabeth Holmes told the judge through tears.

This is the first time Holmes has taken responsibility for Theranos’ failure.

Elizabeth Holmes speaks on stage during the closing session of the Clinton Global Initiative 2015

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Elizabeth Holmes speaks on stage during the closing session of the 2015 Clinton Global Initiative

(Getty)

Bevan HurleyNovember 19, 2022 12:00 p.m

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A devastating victim impact statement from the whistleblower’s father

Alex Schultz, father of Theranos whistleblower Tyler, read a victim impact statement saying that Holmes had taken a “wrecking ball” to his family.

He immediately looked to Elizabeth Holmes when she said that Tyler feared for his life after he hired a private investigator to investigate his life.

“My son sleeps with a knife under his pillow every night thinking someone is going to come and kill him.”

Mr Schultz is the son of former secretary of state George Schultz, who was an early backer of Theranos.

Bevan HurleyNovember 19, 2022 11:00 a.m

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Selfless visionary or scheming grifter?

But for many of his defenders and detractors, Friday’s sentence is unlikely to end the debate about whether Holmes is a well-intentioned humanitarian who got in over his head, or a magician in a turtleneck sweater who chose “deceit over honesty.”

Bevan HurleyNovember 19, 2022 10:00 a.m

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Theranos founder Elizabeth Holmes was sentenced to 11 years in prison

Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failing with fraud is not OK.’

Bevan HurleyNovember 19, 2022 09:00

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Judge says tragedy of case is Holmes ‘brilliant’

Before sentencing Holmes to 11 years and three months in prison, Judge Edward Davila described the case as “very disturbing on many levels”.

“The tragedy of this case is Ms. Holmes is brilliant, she has creative ideas. She is a big thinker. She moved into an industry dominated by, let’s face it, male ego. She entered that world.”

Former Theranos CEO Elizabeth Holmes (C) arrives at federal court with her partner Billy Evans (R) and mother Noel Holmes on November 18, 2022 in San Jose, California

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Former Theranos CEO Elizabeth Holmes (C) arrives in federal court with her partner Billy Evans (R) and her mother Noel Holmes on November 18, 2022 in San Jose, California

(Getty Images)

Bevan Hurley19 November 2022 08:00

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Elizabeth Holmes bypasses the media, exits the courthouse through a side door

With dozens of cameras trained on the main entrance to the federal courthouse in San Jose after her sentencing, Elizabeth Holmes ducked out of a side door.

He must report to corrections officials to begin his 11-year sentence in April.

(EPA)

Bevan Hurley19 November 2022 07:00

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The Wall Street Journal reporter commented on Holmes’ sentence

John Carreyrou, who reports in Wall Street Journal problem exposed in Theranos, it was in court to see Holmes punished.

In comments outside the courthouse, that Bad blood The author said the sentence was “stiff” but appropriate given that Holmes has put patients at risk.

Bevan HurleyNovember 19, 2022 06:00

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Selfless visionary or scheming grifter?

But for many of his defenders and detractors, Friday’s sentence is unlikely to end the debate about whether Holmes is a well-intentioned humanitarian who got in over his head, or a magician in a turtleneck sweater who chose “deceit over honesty.”

Bevan HurleyNovember 19, 2022 05:00

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Theranos founder Elizabeth Holmes was sentenced to 11 years in prison

Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failing with fraud is not OK.’

Bevan HurleyNovember 19, 2022 04:00

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