Fallen 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
Fallen US biotech star Elizabeth Holmes was sentenced Friday, Nov. 18 to just over 11 years in prison for defrauding investors with her Silicon Valley start-up firm.
US attorney Stephanie Hinds said the sentence"reflects the audacity of her massive fraud and the staggering damage she caused." She added:"I am devastated by my failings. Every day for the past years I have felt deep pain for what people went through because I failed them."Holmes became a star of Silicon Valley when she said her now defunct start-up was perfecting an easy-to-use test kit that could carry out a wide range of medical diagnostics with just a few drops of blood.
But prosecutors said Holmes knew her device was not producing accurate and reliable results, yet induced dozens of investors to contribute nearly one billion dollars, all without ever achieving meaningful revenue. "What is it that caused that? Was it hubris? Was it intoxication with the fame that comes from being a young entrepreneur?" he asked.After hearing her prison sentence, Holmes hugged her partner Billy Evans, who is the father of her 15-month-old son, and her mother, Noel Holmes.
"I am confident that on the other side of this, Elizabeth will do amazing things for society with her talents and boundless passion for changing the world for the better," said one letter.
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