The founder of Theranos, Elizabeth Holmes, was sentenced by US District Judge Edward Davila to spend over a decade in prison for fraud. This case marked the end of an era for the Clinton Foundation and Silicon Valley.
The judge had to consider the requests of prosecutors and defense attorneys for a sentence of 15 years and 18 months, respectively.
Judge Edward Davila gave Ms. Holmes 14 days to appeal, and he ordered her to surrender on April 27, 2023. The judge cited the case as a warning to other tech companies.
The judge also said that the court would hold a restitution hearing in the future. He had earlier revealed that there were at least 10 victims of fraud in Theranos, and the total amount they were defrauded was over $121 million.
The lesson here is if you want to avoid jail $39 million is the bare minimum in political donations, right @SBF_FTX? https://t.co/lgKDhJ834m
— zerohedge (@zerohedge) November 18, 2022
Before the judge delivered his sentence, Elizabeth Holmes spoke briefly, and she cried as she talked about her failures. She said that she was deeply affected by what happened to the people who were affected by her actions. It's possible that her voice at trial was the same one that she used to scam the investors.
In July, Balwani, Holmes' former boyfriend, was found guilty of 12 counts of fraud and conspiracy against patients and investors. He is scheduled to be sentenced on December 7. His attorney was present during the sentencing of Holmes.
While the focus of the media is on the collapse of FTX and Sam Bankman-Fried, another Silicon Valley fraudster, Elizabeth Holmes, the founder of Theranos, will be sentenced on Friday. This will end her years-long saga regarding her failed startup.
Holmes' sentencing will be held in San Jose, California. She was found guilty earlier this year of multiple felony counts of wire fraud and conspiracy against investors.
In their court filings, federal prosecutors stated that Holmes' crimes were among the most significant white-collar offenses that the Silicon Valley area had seen.
According to the AP, Judge Edward Davila could give Holmes a sentence of 15 years, which is slightly less than the 20 years that the government had recommended. In addition, her lawyers had asked for leniency, and they had also asked for home confinement instead of prison.
The request for leniency was accompanied by several letters from individuals who claimed that Holmes was a good person. The letters also included statements from Theranos' investors and former employees.
One of the letters that was sent out by Senator Cory Booker of New Jersey stated that Holmes was a good person who wanted to help others. He also noted that he had known her for six years before the charges were filed against her.
At her last court appearance, Holmes was visibly pregnant. If she is sentenced to prison, her pregnancy could affect her confinement.
Since the Theranos collapsed, Judge Edward Davila has handled the case. According to the criminal defense lawyers who worked on the case, Holmes' sentencing could send a message to other companies in the Silicon Valley.
The preceding is a summary of an article that originally appeared on INFOWARS.