Elizabeth Holmes ends up getting 11 years in Theranos fraud case.
19-11-2022
By Aarti Rawat
Elizabeth Holmes will be jailed. The 38-year-old, portrayed by Amanda Seyfried in Hulu's The Dropout, was sentenced to 11.25 years in jail and three years of supervised release. The court ordered her to surrender on April 27, 2023.
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CNN reported that the sentencing was originally scheduled for October but was delayed after a trial witness visited Holmes' home to express regret.
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Prosecutors accused Holmes of defrauding investors, doctors, and patients with her business, which claimed to have developed a fast, accurate blood-testing method using a finger prick.
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On January 3, a California jury convicted Holmes of wire fraud and conspiracy. Jurors found her not guilty of a second wire fraud conspiracy count and deadlocked on three more counts. The final three counts were also dismissed.
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Holmes, a Stanford dropout, founded Theranos in 2003. CNBC says Tim Draper and Rupert Murdoch backed the company.
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In 2015 Wall Street Journal report that Theranos' technology was faulty and dependent on third-party blood-testing machines, Holmes was accused of making "numerous misrepresentations" to generate revenue.
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John Carreyrou's book Bad Blood and HBO's The Inventor chronicle Theranos' fall from grace.