Disgraced Theranos CEO Elizabeth Holmes was sentenced Friday to more than 11 years in prison for duping investors in the failed startup that promised to revolutionize blood testing. Know more:
Disgraced Theranos CEO Elizabeth Holmes was sentenced Friday to more than 11 years in prison for duping investors in the failed startup that promised to revolutionize blood testing but instead made her a symbol of Silicon Valley ambition that veered into deceit.
Holmes, who was CEO throughout the company’s turbulent 15-year history, was convicted in January in the scheme, which revolved around the company’s claims to have developed a medical device that could detect a multitude of diseases and conditions from a few drops of blood. But the technology never worked, and the claims were false.“This case is so troubling on so many levels,” Davila said. “What was it that caused Ms.
Recalling the humble beginnings of technology pioneer Hewlett-Packard in a small garage in Palo Alto — the same city where Theranos was based — he spoke wistfully of “honest, hard work.”Amanda Kramer, a former federal prosecutor who is now a defense attorney, described the sentence as “the equivalent of neon, flashing billboard” offering “a reminder the long-term consequences of fraud far outweigh any short-term gains.
Prosecutors also wanted Holmes to pay $804 million in restitution — an amount that covers most of the nearly $1 billion that she raised from investors. But the judge left that question for a future hearing that has not been scheduled.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elizabeth Holmes sentenced to 11 years in prison for Theranos fraudFALLEN US biotech star Elizabeth Holmes was sentenced Friday to just over 11 years in prison for defrauding investors with her Silicon Valley start-up firm.The Theranos founder had...
Read more »
Elizabeth Holmes sentenced to 11 years in prison for Theranos fraudFallen US biotech star Elizabeth Holmes was sentenced to over 11 years in prison for defrauding investors with her Silicon Valley start-up firm. | via philstarlife
Read more »
Elizabeth Holmes slapped with 11-year prison time for Theranos fraudA federal judge on Friday, November 18, 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. READ:
Read more »
NU clinches first Final Four spot in 7 years, kicks UST off playoff raceVeteran gunner John Lloyd Clemente leads the NU Bulldogs back to the UAAP Final Four for the first time since 2015 at the expense of the UST Growling Tigers' playoff hopes. UAAPSeason85
Read more »
Qatar faces acid test in World Cup opener after 12 years of spendingQatar will finally get their home World Cup under way on Sunday, 12 years after the nation&39;s successful bid put into motion wide-ranging preparations which cost billions of dollars.
Read more »
Harry Styles and Olivia Wilde reportedly 'taking a break' after 2 years of datingAfter two years of dating, Harry Styles and Olivia Wilde are reportedly cooling it off.
Read more »