Elizabeth Holmes, the founder of US-based blood-testing company Theranos, has been sentenced to 135 months, or over 11 years, in prison.
She faced sentencing after being found guilty of defrauding investors and endangering patients.
According to media reports, she will have to report to prison on April 27, 2023, and will have an additional three years of supervised release once she's out from the prison.
Judge Edward Davila declared that the charges she had been found guilty of made her responsible for defrauding 10 victims out of $121 million, according to The New York Times.
Holmes' refusal to accept responsibility for the fraud counted against her in his sentencing decision, according to the judge.
Meanwhile, Holmes' former boyfriend and Theranos' former president, Ramesh "Sunny" Balwani, is scheduled to be sentenced on December 7 after being convicted on 12 counts of fraud against investors and patients.
Balwani was found guilty in a separate trial of 10 counts of wire fraud and two counts of conspiracy to commit wire fraud.
Holmes was convicted for persuading investors that she had developed a revolutionary medical device before the company flamed out after an investigation.
Unlike Holmes, Balwani was found to have misled both investors and patients.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
The Global Threat of Rogue Diplomacy
Debbie Cenziper (ProPublica); Will Fitzgibbon
Delphine Reuter (ICIJ)
18 November 2022
This story was originally published by ProPublica.
After jetting into the capital of Ghana, the international arms broker who called himself “Excellence” greeted his buyers at the Golden Tulip hotel and proposed a secret...
2023 a Challenging Year for Emerging Markets: Moody's
17 November 2022
A combination of weak growth in advanced economies, persistent inflationary pressures, the Russia-Ukraine conflict, tight financial conditions, and a subdued growth outlook for China will create a difficult environment for emerging...
Bank of England Warns of the Longest Recession in 100 Years
04 November 2022
The Bank of England has warned the UK risked being plunged into the longest recession in 100 years after it pushed up the cost of borrowing to 3% in the biggest single interest rate rise since 1989.
A 0.75 per cent...
Mithun Chakraborty - Bappi Lahri Classic Hit “Jimmy Jimmy” Becomes Unlikely New Anthem in China To Protest COVID Lock-downs
Moneylife Digital Team
03 November 2022
Nobody would have ever imagined that Hindi music composer Bappi Lahiri’s superhit track 'Jimmy Jimmy Aaja Aaja' from the 1982 movie 'Disco Dancer' starring Mithun Chakraborty would one day be used by the people of China to protest...