District Judge Edward Davila in San Jose, California, where Holmes was found guilty by a jury in January, convicted the 38-year-old businesswoman on three counts of investment fraud and one count of conspiracy.
Davila set the deadline for Holmes to begin serving her sentence in April of next year. Lawyers for the convicted will ask the judge to allow her to remain free until then after posting bail, according to Reuters.
The 11-year sentence is less than the 15 years prosecutors sought for Holmes, but significantly more than the 18 months of house arrest and community service Holmes sought.
“Her crimes damaged the credibility and integrity on which Silicon Valley’s entrepreneurial economy rests,” prosecutors said Friday before the sentencing.
Holmes tearfully addressed the court shortly before the sentencing: “I am devastated at how I failed. Every day for the past few years, I have felt deep regret for what people have gone through because of my mistakes,” the convict said, apologizing to Theranos employees and affected patients.
America’s youngest billionaire is guilty of fraud and conspiracy
Theranos, which was founded in 2003, was developing technology for laboratory analysis in which a single drop of blood would be sufficient instead of conventional sampling. Doubts arose when the US newspaper The Wall Street Journal began publishing a series of articles in the fall of 2015 in which former employees claimed that blood tests performed by Theranos were unreliable. The company’s founder, Holmes, and the company’s former president, Ramesh Balwani, were accused of fraud.
In 2014, the value of Theranos was estimated at around nine billion dollars (at the time almost 187 billion crowns), and Holmes paid for the youngest American billionaire. A large part of the approximately 900 million dollars (about 18.7 billion crowns at the time), which Theranos had, was provided by investors including, for example, the media magnate Rupert Murdoch or the family of the former US Secretary of Education Betsy DeVos. The former head of US diplomacy Henry Kissinger and ex-Minister of Defense James Mattis were also in the management of the company before the affair broke out.
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