*Theranos founder Elizabeth Holmes was sentenced to more than 11 years in prison on Friday for misleading investors about the business operations of her company.
In January, Holmes was convicted of four counts of wire fraud for promising investors that her company’s technology would revolutionize health care with rapid blood tests. This turned out not to be true. Here’s what CNN previously reported:
A Stanford University dropout, Holmes — inspired by her own fear of needles — started the company at the age of 19, with a mission of creating a cheaper, more efficient alternative to a traditional blood test. Theranos promised patients the ability to test for conditions like cancer and diabetes with just a few drops of blood. She attracted hundreds of millions of dollars in funding, a board of well-known political figures, and key retail partners.
But a Wall Street Journal investigation poked holes into Theranos’ testing and technology, and the dominoes fell from there. Holmes and her former business partner, Ramesh “Sunny” Balwani, were charged in 2018 by the US government with multiple counts of wire fraud and conspiracy to commit wire fraud. (Both pleaded not guilty.)
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There were several whistleblowers who provided detailed accounts of Holmes and Balwani’s deception of employees, partners, investors, and patients.
Balwani, who was romantically involved with Holmes, was found guilty in July of 12 criminal fraud charges. His sentencing is set for December. Ahead of her sentencing on Friday (Nov. 18), Holmes cried while speaking to the court, according to CNBC.
“I loved Theranos. It was my life’s work,” the pregnant 38-year-old said. “My team meant the world to me. I am devastated by my failings. I’m so so sorry. I gave everything I had to build my company.”
Theranos raised $945 million from investors. The company shut down in 2018. Holmes will spend the next 135 months in prison.
“Thank you for having me. Thank you for the courtesy and respect you have shown me,” she reportedly said in court Friday. “I have felt deep pain for what people went through because I failed them. To investors, patients, I am sorry.”
You can read WSJ’s full investigative report on Holmes here.
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