• Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
Monday, June 5, 2023
Flyy News
No Result
View All Result
  • Home
  • World
  • Business
  • Entertainment
  • Health
  • Food
  • Politics
  • Tech
  • Science
  • Travel
  • Fashion
  • Lifestyle
  • Home
  • World
  • Business
  • Entertainment
  • Health
  • Food
  • Politics
  • Tech
  • Science
  • Travel
  • Fashion
  • Lifestyle
No Result
View All Result
Flyy News
No Result
View All Result
Home Business

Elizabeth Holmes sentenced to more than 11 years for Theranos fraud

flyynews by flyynews
November 19, 2022
in Business
0
Elizabeth Holmes sentenced to more than 11 years for Theranos fraud
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Elizabeth Holmes, the disgraced founder of failed blood-testing start-up Theranos, has been sentenced to more than 11 years in prison for what prosecutors called one of the “most substantial” white collar crimes ever seen in the US.

The 135-month sentence handed down Friday marks the climactic point in a saga that ignited a debate on the US tech sector’s “fake it ‘til you make it” ethos and the investment community’s willingness to embrace charismatic company founders.

Holmes, 38, who is pregnant with her second child, cried as she addressed the court on Friday. “I loved Theranos. It was my life’s work,” she said. “I am devastated by my failings.”

After the sentence was handed down, Holmes, who wore black, embraced her husband Billy Evans. She left out of a court side door, evading throngs of press awaiting her exit. She is scheduled to begin serving her sentence in April.

“Her sentence reflects the audacity of her massive fraud and the staggering damage she caused,” US attorney Stephanie Hinds said in a statement.

Holmes was found guilty in January on four counts of defrauding investors, following a trial that lasted almost four months.

Jurors were told of how the centrepiece of Theranos, the Edison machine, was incapable of performing the groundbreaking blood tests Holmes and her company had promised. Prosecutors showed evidence they said proved she falsified endorsements in order to win investor and partner approval, a deception that led to Theranos raising $900mn in funding at a private valuation of $9bn.

Prosecutors said investors deserved full restitution for their outlays, likening Theranos to an “aeroplane flying with a broken engine”.

“The writing was on the wall, it was going to fail,” prosecutor John Bostic said during Friday’s sentencing hearing. “Investors were locked in that aeroplane. There was no way to escape. When the company went out of business, none of them took anything from their investment.”

Holmes had faced a maximum of 20 years in prison. The Department of Justice, calling her “blinded” by ambition, had asked Judge Edward Davila to impose a 15-year prison sentence as well as millions of dollars in restitution to her defrauded investors.

“Holmes’ crimes were not failing, they were lying — lying in the most serious context, where everyone needed her to tell the truth,” prosecutors wrote.

A hearing will be held to determine the final restitution to 10 defrauded investors, including Rupert Murdoch. Judge Davila calculated the amount of money lost to be about $121mn, although that could change.

Holmes’s attorneys said in a sentencing memo that 18 months of house arrest, plus community service, was appropriate.

They billed her a well-intentioned entrepreneur with honourable goals, and a determined woman with an unwavering belief she could achieve what Theranos had set out to do: create a game-changing device that could carry out a number of sophisticated diagnostic tests on only one small droplet of blood.

“We acknowledge that this may seem a tall order, given the public perception of this case — especially when Ms Holmes is viewed as the caricature, not the person; when the company is viewed as a house of cards, not as the ambitious, inventive, and indisputably valuable enterprise it was; and when the media vitriol for Ms Holmes is taken into account,” her defence lawyers wrote.

In Friday’s hearing, defence attorney Kevin Downey noted that Holmes had not attempted to sell her shares in the company, in contrast with other high-profile individuals convicted of major fraud.

“Those are the cases with the yachts, the planes, the parties and the large mansions,” Downey said. “What did this woman do? She built technology.”

After securing lucrative contracts with Walgreens and others, the promise of Holmes’s Edison machine quickly unravelled. The company began using off-the-shelf technology made by the likes of Siemens to carry out tests instead, and sometimes delivered incorrect results.

It was not until Theranos employee-turned-whistleblower Tyler Shultz, the nephew of former US secretary of state and Theranos director George Shultz, tipped off The Wall Street Journal that the matter came to light.

Recommended

Reporter John Carreyrou’s book about Holmes and Theranos, Bad Blood, became a New York Times bestseller and inspired a host of dramatic TV reinterpretations, spurred on by Holmes’s distinctive Steve Jobs-inspired look and mannerisms.

Shultz’s father Alex addressed the court on Friday, saying Holmes had hired a private investigator to follow Tyler, and that Tyler had slept with a knife under his pillow out of fear. “It was a gruelling experience to go through,” Alex Shultz said. “My family home was desecrated by Elizabeth.”

Holmes’s defence said the public’s interest should not be used against her, noting that more than 130 people “who actually know Ms Holmes” had written to the court in support.

Among them was Democratic senator Cory Booker, who bonded with fellow vegan Holmes over a dinner in which they both shared a packet of almonds. She “has within her a sincere desire to help others, to be of meaningful service, and possesses the capacity to redeem herself”, he wrote.

In a separate trial, Holmes’s former boyfriend and Theranos chief operating officer Ramesh “Sunny” Balwani was found guilty for his part, convicted on 12 counts of fraud. He is due to be sentenced in early December.



Source_link

READ ALSO

Microsoft Israel R&D Center to develop security for ChatGPT

Viral video shows HDFC Bank executive abusing employees over targets; lender takes action

Related Posts

Microsoft Israel R&D Center to develop security for ChatGPT
Business

Microsoft Israel R&D Center to develop security for ChatGPT

June 5, 2023
Viral video shows HDFC Bank executive abusing employees over targets; lender takes action
Business

Viral video shows HDFC Bank executive abusing employees over targets; lender takes action

June 5, 2023
NIRF 2023 LIVE Updates: MoE releases list of top universities, colleges, medical institutes in India
Business

NIRF 2023 LIVE Updates: MoE releases list of top universities, colleges, medical institutes in India

June 5, 2023
Dow Jones Futures: Oil Prices Jump On Saudi Output Cut; Tesla, Apple, Palo Alto In Focus
Business

Dow Jones Futures: Oil Prices Jump On Saudi Output Cut; Tesla, Apple, Palo Alto In Focus

June 4, 2023
Chartbusters! 5 smallcap stocks give double-digit returns in last 3 days, volumes surge
Business

Market Trading Guide: Maruti Suzuki, NMDC among top 6 stock recommendations for Monday

June 4, 2023
From Live Nation’s 44m concertgoers in Q3 to Sony’s $2.15bn revenues… it’s MBW’s Weekly Round-Up
Business

From Queen’s $1bn catalog to HYBE raising $380m for acquisitions in the US… it’s MBW’s Weekly Round-Up

June 4, 2023
Next Post
Meet Orion, NASA’s New ‘X-Wing Fighter’ Now Finally On Its Way To The Moon

Meet Orion, NASA’s New ‘X-Wing Fighter’ Now Finally On Its Way To The Moon

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Angel -Dave Curl – Official Music Video 2022

Angel -Dave Curl – Official Music Video 2022

November 17, 2022
Worker retention statistics that may marvel you

Worker retention statistics that may marvel you

September 16, 2022
Wanaka – Another Spoon Official Music Video

Wanaka – Another Spoon Official Music Video

October 15, 2022
Proud By Cytonic Rhymes – Official Music 2022

Proud By Cytonic Rhymes – Official Music 2022

November 25, 2022
Sweet Bennie Ray – Whole Lot (Official Music Video)

Sweet Bennie Ray – Whole Lot (Official Music Video)

December 22, 2022

About Us

Welcome to Flyy News The goal of Flyy News is to give you the absolute best news sources for any topic! Our topics are carefully curated and constantly updated as we know the web moves fast so we try to as well.

Follow us

Categories

  • Business
  • Entertainment
  • Fashion
  • Food
  • Gaming
  • Health
  • Lifestyle
  • Politics
  • Reviews
  • Science
  • Tech
  • Travel
  • World

Site Links

  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions

Recent News

  • Microsoft Israel R&D Center to develop security for ChatGPT
  • Osteopathic doctors fill primary care jobs in small towns : Shots
  • When Have You Felt the Kindness of Strangers?
  • iOS 17 is compatible with these iPhones

Copyright © 2022 Flyynews.com | All Rights Reserved.

No Result
View All Result
  • Home
  • World
  • Business
  • Entertainment
  • Health
  • Food
  • Politics
  • Tech
  • Science
  • Travel
  • Fashion
  • Lifestyle

Copyright © 2022 Flyynews.com | All Rights Reserved.

What Are Cookies
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT