Former Theranos CEO Elizabeth Holmes sentenced to 11 years in prison
by Law 360 reporter Dorothy Atkins, government prosecutors and defense attorneys offered differing estimates of the losses to Theranos investors. The feds estimated losses at $804 million while Holmes's team insisted the number is somewhere between $40 million and $48 million.
Some of those who lost money investing in Theranos are extremely wealthy, including media tycoon Rupert Murdoch and the DeVos family.that she regretted her failings and having failed the employees, investors, and patients she tried to serve. US District Judge Edward Davila, after noting that sentencing guidelines based on his findings call for between 135 months and 168 months , gave Holmes the lower end of the guideline range. Holmes will begin serving her sentence on April 27, 2023, after appeals.in an emailed statement that the decision represents a watershed moment for the tech industry.
"US Authorities have shown that they are clamping down on investment frauds in a sector which to date has seen very few high-level convictions of this nature," said Hastings. "Holmes' sentence for her role in one of the most egregious examples of investment fraud ever seen in Silicon Valley will come as a stark warning for the entire technology sector, and may play a crucial role in judicial attitudes towards such frauds in the future." ®
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