Elizabeth Holmes, the founder of medical startup Theranos, has been sentenced to 11¼ years in prison for defrauding investors and consumers with a faulty blood-testing device that she touted as the next best health technology.
According to multiple reports, Holmes’ time in prison will be followed by three years of supervised release.
US District Court Judge Edward Davila sentenced Holmes after a four-hour hearing on Friday. Eleven years and three months with a three-year supervised release and a $400-$100 fine for each count.
Back in January, Holmes was found guilty of four federal charges — three counts of wire fraud and one count of conspiracy to commit wire fraud — but after 45 hours of deliberations, the jury did not reach a verdict on three other counts of wire fraud. Could reach The jury of eight men and four women ultimately found Holmes not guilty on those three additional counts.
Holmes’ historical events inspired investors and consumers with the less-than-functional blood-testing device, the limited series “The Dropout”, as well as the documentary “The Inventor”.
Amanda Seyfried portrays Holmes in Hulu’s “The Dropout,” which premieres in March 2022. The actress won an Emmy for Outstanding Lead Actress in a Limited or Anthology Series with her portrayal of the brains behind Theranos.
The “Bad Blood” podcast also chronicled the rise and fall of Holmes and Theranos, and Jennifer Lawrence dropped out of the project where she would have portrayed them as well.
Holmes founded Theranos in 2013, valuing the company at $9 billion. He successfully scammed the investments of media mogul Rupert Murdoch as well as former Secretary of State Henry Kissinger.
Her former CEO and boyfriend Sunny Balwani was convicted on 12 counts of fraud in federal court in San Jose, California in July this year.