Elizabeth Holmes has officially been sentenced to 11 years and three months in prison for defrauding investors for millions of dollars. This ends the long-fought court battle against the founder of Theranos, a blood-testing tech startup, though she is reportedly expected to appeal her conviction.
She was found guilty in January of this year on four out of 11 counts of defrauding investors.
Breaking: Elizabeth Holmes sentenced to 11.25 years. Judge rejected house arrest defense request. pic.twitter.com/3OEiSfrqEC
— Ronald Richards (@RonaldRichards) November 18, 2022
Holmes has become something of a household name in recent years, as many podcasts and documentaries have obsessed over her story. You may have even seen The Dropout, the popular Emmy-winning Hulu series starring Amanda Seyfried as Holmes.
Holmes, 38, is currently pregnant with her second child.
JUST IN: Theranos founder Elizabeth Holmes sentenced to 11 years in prison for fraud.
— Watcher.Guru (@WatcherGuru) November 18, 2022
She had her first child with her partner — hotel heir Billy Evans, 29 — last year. Due to the overlap of pregnancies with court proceedings, some have speculated that the pregnancies were an effort to avoid prison time.
She is not scheduled to report to custody until late April of next year, though it is unclear when she is due to give birth. Some media outlets have reported that she may have her child after beginning her jail time.
Many people are expressing concern about the fact that Elizabeth Holmes’ 11-year prison term is set to begin while she is pregnant. They are right to be concerned, and they should be for thousands of other pregnant people too.
A thread on on pregnancy behind bars: 1/
— Eric Reinhart (@_Eric_Reinhart) November 19, 2022
The sentencing comes after a hearing in San Jose, California, where lawyers representing the government asked for a 15-year prison term for Holmes. Her defense team in return asked the judge for a sentence up to 18 months in jail followed by probation and community service.
According to CNN, Holmes addressed the court with a speech before the sentencing was read.
Elizabeth Holmes just got sentenced to 135 months in prison (11.25 years)
— John Carreyrou (@JohnCarreyrou) November 18, 2022
“I loved Theranos. It was my life’s work,” she said. “The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings.”
— The New York Times (@nytimes) November 18, 2022
The outlet reported that she also apologized to the employees, investors, and patients of the medical tech company. “I’m so, so sorry. I gave everything I had to build our company and to save our company,” she said.
BREAKING: A California judge sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood testing startup that was once valued at $9 billion. https://t.co/dCxeWbiVOl pic.twitter.com/GOYcKwfP2k
— NEWSMAX (@NEWSMAX) November 18, 2022
“I regret my failings with every cell in my body.”
The Wall Street Journal, which was the outlet that originally exposed the internal fraud and deception at Theranos, reported that Holmes supposedly told a Walgreens employee back in 2010 that “They don’t put pretty people like me in jail.”
In addition to jail time, her sentence also includes a fine of $400, or $100 for each count of fraud.
Elizabeth Holmes, who’s just been sentenced to more than a decade in federal prison, told a Walgreens employee in 2010: “They don’t put pretty people like me in jail.” pic.twitter.com/KK9DUvAO3K
— chris evans (@notcapnamerica) November 19, 2022
Amounts for restitution will be set at a later date.
Holmes’ partner, Billy Evans, has stood by her side throughout court proceedings. The two reportedly met at a party in 2017, while Theranos was already publicly failing, and have been together since.