Theranos founder Elizabeth Holmes sentenced to 11 years in prison

Theranos founder Elizabeth Holmes sentenced to 11 years in prison

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Theranos Founder Elizabeth Holmes was sentenced to 11 years in prison on Friday November 18 following her sentencing for fraudulent investors.

What happened: Judge Edward Davila sentenced the disgraced entrepreneur to 135 months plus a $400 fine, or $100 for each count of fraud.

Compensation for the case is expected at a later date, which has yet to be determined.

See also: Crime and Punishment on Wall Street: The Blood on Her Fingers by Elizabeth Holmes

“I loved Theranos. It was my life’s work,” Holmes told the court, referring to the failed blood testing startup she founded in 2003. “I am devastated by my mistakes.”

Holmes, who is pregnant, also reached out to her former Theranos employees, as well as funders and patients.

“I’m so, so sorry,” she said. “I regret my mistakes with every cell in my body.”

What’s next: Ramesh “Sunny” Balwani, COO of Theranos, was found guilty on 12 counts in a separate trial. He faces the same prison sentence as Holmes.

During the trial, Holmes claimed that Balwani, who was also her boyfriend at one point, was abusive. Balwani’s lawyers have dismissed Holmes’ claims.

Balwani’s sentencing is scheduled for December 7th.

Next: Sam Bankman-Fried used FTX funds to buy a home in the Bahamas

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