Elizabeth Holmes sentencing: Theranos founder to face restitution hearing after being jailed for 11 years
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Theranos founder Elizabeth Homes has been sentenced to more than 11 years in prison for defrauding investors of the blood-testing startup.
Holmes, who plans on appealing, will not have to report for her 135-month prison sentence until April 2023, the judge announced during the hearing.
“I am devastated by my failings,” a heavily-pregnant Holmes said in a tearful courtroom apology.
“I have felt deep pain for what people went through, because I failed them.”
Prosecutors had asked Judge Edward Davila to sentence Holmes to 15 years in prison and that she pay $800m in restitution for her role in the company’s fraudulent claims.
Holmes’ lawyers cast her as a scapegoat who overcame a toxic relationship with Theranos COO Ramesh “Sunny” Balwani to become a loving mother.
Holmes was convicted in January of three felony counts of wire fraud and one felony count of conspiracy to commit fraud.
Judge Davila said he would schedule a restitution hearing to determine how much Holmes must repay at a later date.
Key Points
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Selfless visionary or scheming grifter? Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Elizabeth Homes apologises
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Thursday 17 November 2022 08:05 , Maroosha Muzaffar
Good morning and welcome to The Independent’s liveblog on Elizabeth Holmes’ sentencing.
Prosecutors push 15-year sentence for Theranos' CEO Holmes
Thursday 17 November 2022 08:44 , Maroosha Muzaffar
Federal prosecutors have asked a judge to sentence disgraced Theranos CE0 Elizabeth Holmes to 15 years in prison, arguing she deserves a lengthy prison term because her massive scheme duped investors out of hundreds of millions of dollars by falsely convincing them her company had developed a revolutionary blood testing device.
Calling the case “one of the most substantial white collar offenses Silicon Valley or any other District has seen,” prosecutors vehemently rejected defense attorneys’ characterization that Holmes had been unfairly victimized, in part by media coverage.
Read the full story here:
Prosecutors push 15-year sentence for Theranos' CEO Holmes
ICYMI: Elizabeth Holmes asks for leniency for her Theranos crimes
Thursday 17 November 2022 09:45 , Maroosha Muzaffar
Disgraced Theranos CEO Elizabeth Holmes is casting herself as a Silicon Valley scapegoat who overcame an abusive relationship to become a loving mother in an effort to avoid a lengthy prison sentence for duping investors in her failed blood-testing company.
In an 82-page document filed late Thursday, Holmes’ lawyers tried to persuade U.S. District Judge Edward Davila that sending Holmes to prison is unnecessary, partly because she has already been stigmatized by intense media coverage that has turned her into a “caricature to be mocked and vilified.”
Read the full story here:
Elizabeth Holmes asks for leniency for her Theranos crimes
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Thursday 17 November 2022 10:45 , Maroosha Muzaffar
Elizabeth Holmes was found guilty of defrauding investors in her former blood-testing startup company, Theranos, concluding a trial that gripped both Silicon Valley and the international media outlets which initially helped propel her to stardom.
She has now requested a new trial just weeks before she was set to be sentenced, claiming that one of the key witnesses has acknowledged regrets about the proceedings.
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
ICYMI: Elizabeth Holmes’ bid for new trial takes hit as key witness stands by original testimony
Thursday 17 November 2022 11:45 , Maroosha Muzaffar
The sentencing of Theranos founder Elizabeth Holmes was delayed.
The decision was made by US District Judge Edward Davila, Mr Davida reviewed claims raised by Holmes’s attorneys that the prosecution allegedly engaged in misconduct by forcing a key witness in her initial trial to give testimony that made “everyone look bad.”
Read more about what happened here:
Elizabeth Holmes’s sentencing delayed as prosecutors accused of ‘twisting’ testimony
ICYMI: Judge declines to overturn Elizabeth Holmes guilty verdict
Thursday 17 November 2022 12:45 , Maroosha Muzaffar
A federal judge, in September, tentatively declined to overturn the jury conviction of disgraced Theranos CEO Elizabeth Holmes on four felony counts of fraud and conspiracy. That leaves the former Silicon Valley star a step closer to serving prison time.
Read the full story here:
Judge declines to overturn Elizabeth Holmes guilty verdict
ICYMI: Elizabeth Holmes seeks new trial, cites key witness' regrets
Thursday 17 November 2022 13:45 , Maroosha Muzaffar
Disgraced Theranos CEO Elizabeth Holmes requested a new trial earlier in September, asserting in a court filing that a key witness for the prosecution now regrets the role he played in her conviction for investor fraud and conspiracy related to her failed blood-testing startup.
Read the full story here:
Elizabeth Holmes seeks new trial, cites key witness' regrets
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Thursday 17 November 2022 14:45 , Maroosha Muzaffar
Elizabeth Holmes was found guilty of defrauding investors in her former blood-testing startup company, Theranos, concluding a trial that gripped both Silicon Valley and the international media outlets which initially helped propel her to stardom.
She has now requested a new trial just weeks before she was set to be sentenced, claiming that one of the key witnesses has acknowledged regrets about the proceedings.
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
How the Theranos founder was convicted of fraud and conspiracy
Thursday 17 November 2022 15:45 , Oliver O'Connell
In January 2022, a jury found once-ascendant Silicon Valley star Elizabeth Holmes guilty of defrauding investors in her former blood-testing start-up company Theranos, which promised a revolutionary advancement in healthcare while raising millions of dollars.
Alex Woodward reported on the verdict.
Elizabeth Holmes found guilty of fraud and conspiracy at Theranos startup
Premium: Silicon Valley will never learn, even after Theranos founder’s conviction
Thursday 17 November 2022 16:45 , Oliver O'Connell
Greed, fear, and desire are all alive and well in California. Tech entrepreneurs with a good sales pitch will always be able to part fools from their money, writes James Moore.
Elizabeth Holmes has been convicted – but Silicon Valley won’t learn | James Moore
Sunny Balwani, Holmes’ ex-lover and Theranos partner, was also convicted of fraud and conspiracy
Thursday 17 November 2022 17:45 , Oliver O'Connell
In July 2022, Ramesh “Sunny” Balwani, the former lover and partner of Theranos founder Elizabeth Holmes, was also found guilty of fraud and conspiracy charges.
Megan Sheets reported on the verdict at the time.
Elizabeth Holmes’ ex-lover and Theranos partner Sunny Balwani found guilty of fraud
Judge declined to overturn Holmes’s guilty verdict
Thursday 17 November 2022 18:45 , Oliver O'Connell
In September, a federal judge on tentatively declined to overturn the jury conviction of disgraced Theranos CEO Elizabeth Holmes on four felony counts of fraud and conspiracy. That leaves the former Silicon Valley star a step closer to serving prison time.
Her sentencing is scheduled for Friday.
Judge declines to overturn Elizabeth Holmes guilty verdict
Citing key witness regrets, Holmes sought new trial
Thursday 17 November 2022 19:45 , Oliver O'Connell
Also in September, the disgraced Theranos CEO requested a new trial, asserting in a court filing that a key witness for the prosecution now regrets the role he played in her conviction for investor fraud and conspiracy related to her failed blood-testing startup.
Elizabeth Holmes seeks new trial, cites key witness' regrets
Profile: Elizabeth Holmes
Thursday 17 November 2022 20:45 , Oliver O'Connell
Everything you need to know about the Theranos founder ahead of her sentencing.
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Will Silicon Valley learn anything from Holmes’s conviction?
Thursday 17 November 2022 21:45 , Oliver O'Connell
The fraud conviction of former Theranos CEO Elizabeth Holmes could offer Silicon Valley s culture of hubris and hype some valuable lessons.
Will anyone in the tech industry actually take this moment to heart? Don’t count on it.
What will Silicon Valley learn from Holmes' conviction?
Why was Elizabeth Holmes’s sentencing postponed?
Thursday 17 November 2022 22:45 , Oliver O'Connell
Elizabeth Holmes’s sentencing was postponed in early October after claims that the prosecution allegedly engaged in misconduct.
Andrea Blanco and Abe Asher explain what happened.
Elizabeth Holmes’s sentencing delayed as prosecutors accused of ‘twisting’ testimony
Holmes sought new trial claiming key witness regrets original testimony
Thursday 17 November 2022 23:45 , Oliver O'Connell
In September, the Theranos founder asked for a new trial just weeks before her original sentencing date.
In a court filing, Ms Holmes stated that former Theranos lab director Adam Rosendorff, a key witness in her initial trial, visited her home on August 8 and told her partner that prosecutors had twisted his testimony.
Abe Asher reported for The Independent.
Elizabeth Holmes seeks new trial claiming key witness regrets testimony
A bid for a new trial faltered early on
Friday 18 November 2022 01:45 , Oliver O'Connell
A key witness in the Elizabeth Holmes trial reiterated his initial testimony which had been questioned by defence attorneys, causing the Theranos founder’s bid for a new trial to falter.
Andrea Blanco reported on the development back in October.
Key witness in Elizabeth Holmes trial stands by original testimony
Holmes has asked for leniency for her crimes
Friday 18 November 2022 03:45 , Oliver O'Connell
Disgraced Theranos CEO Elizabeth Holmes has cast herself as a Silicon Valley scapegoat who overcame an abusive relationship to become a loving mother in an effort to avoid a lengthy prison sentence for duping investors in her failed blood-testing company.
In an 82-page document filed last week, Holmes' lawyers tried to persuade US District Judge Edward Davila that sending Holmes to prison is unnecessary, partly because she has already been stigmatized by intense media coverage that has turned her into a “caricature to be mocked and vilified."
If Davila decides she send her to prison, Holmes' lawyers argued she should be sentenced to no more than 18 months — a fraction of the maximum of 20 years she is facing after being convicted on four felony counts of investor fraud and conspiracy earlier this year.
Read on:
Elizabeth Holmes asks for leniency for her Theranos crimes
Prosecutors ask judge to impose 15-year prison sentence
Friday 18 November 2022 05:45 , Oliver O'Connell
Federal prosecutors have asked a judge to sentence disgraced Theranos CEO Elizabeth Holmes to 15 years in prison, arguing she deserves a lengthy prison term because her massive scheme duped investors out of hundreds of millions of dollars by falsely convincing them her company had developed a revolutionary blood testing device.
Calling the case “one of the most substantial white collar offenses Silicon Valley or any other District has seen,” prosecutors vehemently rejected defense attorneys’ characterization that Holmes had been unfairly victimized, in part by media coverage.
Prosecutors push 15-year sentence for Theranos' CEO Holmes
Five takeaways from Elizabeth Holmes’s seven days of testimony
Friday 18 November 2022 07:45 , Oliver O'Connell
Once-lionized entrepreneur Elizabeth Holmes wrapped up seven days of testimony in her criminal fraud trial in early December 2021, largely having used the time to defend her actions as CEO of the startup Theranos. The company she founded had soared on the promise of innovative blood-testing technology only to crash in a sordid display of failure and alleged deceit.
Holmes alternately took responsibility for her missteps as CEO and cast herself as the abused victim of her former lover and business partner Sunny Balwani. She also repeatedly said she couldn't recall her actions at key points even when confronted with internal documents including her own emails.
Here are five takeaways from the trial to help you catch up as both sides prepare for closing arguments next week, after which the case will be in the hands of the jury.
What Elizabeth Holmes had to say at her trial: 5 takeaways
Friday 18 November 2022 09:45 , Oliver O'Connell
Sunny Balwani, Holmes’ ex-lover and Theranos partner, was also convicted of fraud and conspiracy
In July 2022, Ramesh “Sunny” Balwani, the former lover and partner of Theranos founder Elizabeth Holmes, was also found guilty of fraud and conspiracy charges.
Megan Sheets reported on the verdict at the time.
Elizabeth Holmes’ ex-lover and Theranos partner Sunny Balwani found guilty of fraud
‘The Dropout’: What was fact and what was fiction in the TV series
Friday 18 November 2022 11:45 , Oliver O'Connell
True Crime stories have slowly but surely been taking over pop culture – encompassing everything from podcasts to TV series.
In the case of The Dropout, it’s taken the form of both.
The hit documentary podcast, focusing on the rise and fall of Elizabeth Holmes and her multi-billion-dollar health tech company Theranos, was adapted into an eight-episode miniseries starring Amanda Seyfried.
But what was fact and what was fiction?
What is fact and what is fiction in The Dropout?
Profile: Theranos founder Elizabeth Holmes
Friday 18 November 2022 13:45 , Oliver O'Connell
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Cory Booker among 140 supporters to ask the judge for leniency
Friday 18 November 2022 14:26 , Bevan Hurley
US Senator Cory Booker is among the 140 friends, family and supporters to ask Elizabeth Holmes’ sentencing judge for leniency.
“I still believe that she holds onto the hope that she can make contributions to the lives of others, and that she can, despite mistakes, make the world a better place,” Booker wrote in a letter to Judge Edward Davila.
Mr Booker said that he still considers Holmes to be a friend.
Elizabeth Holmes: Disgraced Theranos CEO faces judgment day as she awaits sentencing
Friday 18 November 2022 14:45 , Oliver O'Connell
Today, a federal judge will decide whether disgraced Theranos CEO Elizabeth Holmes should serve a lengthy prison sentence for duping investors and endangering patients while peddling a bogus blood-testing technology.
Holmes’ sentencing in the same San Jose, California, courtroom where she was convicted on four counts of investor fraud and conspiracy in January marks a climactic moment in a saga that has been dissected in an HBO documentary and an award-winning Hulu TV series about her meteoric rise and mortifying downfall.
US District Judge Edward Davila will take center stage as he weighs the federal government’s recommendation to send Holmes, 38, to federal prison for 15 years.
Here’s what you need to know ahead of the judge’s decision:
Elizabeth Homes set to appear in court for Theranos trial sentencing - follow live
Defense attorneys release images of Elizabeth Holmes in plea for leniency
Friday 18 November 2022 15:05 , Bevan Hurley
Elizabeth Holmes’ friends and family provided dozens of photographs of the Theranos founder to the court as they asked for leniency at today’s sentencing.
Media gather at San Jose federal courthouse
Friday 18 November 2022 15:33 , Bevan Hurley
A large media presence have already arrived at the federal courthouse in San Jose ahead of Elizabeth Holmes’ sentencing.
John Carreyrou, the Wall Street Journal reporter whose coverage was so integral to the unravelling of Theranos, is at the scene.
It’s Elizabeth Holmes sentencing day… A lot of press already at the courthouse… pic.twitter.com/cSxZAQrypk
— John Carreyrou (@JohnCarreyrou) November 18, 2022
Everything you need to know about the Theranos founder
Friday 18 November 2022 15:55 , Bevan Hurley
Elizabeth Holmes was found guilty of defrauding investors in her former blood-testing startup company, Theranos, concluding a trial that gripped both Silicon Valley and the international media outlets which initially helped propel her to stardom.
An attempt at requesting a new trial faltered — she claimed that one of the key witnesses acknowledged regrets about the proceedings, however, he stood by his testimony — and on Friday she will be sentenced, with prosecutors calling for 15 years in jail for her crimes.
Here’s a comprehensive recap on how we got to today’s sentencing.
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Elizabeth Holmes’ aunt calls for stiff sentence
Friday 18 November 2022 16:14 , Bevan Hurley
Among those calling for Judge Edward Davila to impose a lengthy prison term at today’s sentencing is Elizabeth Holmes’ aunt.
Elizabeth Daoust was an early investor in Theranos and said in a victim impact statement obtained by the Wall Street Journal that white collar criminals are too often treated with leniency by the courts.
The parents of whistleblower Tyler Shultz wrote in a letter to the judge that Holmes took a “wrecking ball” to their family.
Prosecutors have asked for a 15 year prison sentence.
Next chapter in the Elizabeth Holmes story
Friday 18 November 2022 16:32 , Bevan Hurley
Elizabeth Holmes’ meteoric rise and calamitous fall has captivated Silicon Valley and beyond.
Her story has been the subject of numerous podcast, books, an HBO documentary and dramatised in The Dropout.
Amanada Seyfried claimed the best lead actress Emmy Award for her portrayal of the Theranos founder in The Dropout.
Wall Street Journal reporter John Carreyrou’s book Bad Blood is also being turned into a movie.
Jennifer Lawrence had been cast to play the 38-year-old Holmes, but recently stepped down from the role.
Elizabeth Holmes’ pregnancy could be a factor in sentencing length
Friday 18 November 2022 16:51 , Bevan Hurley
Prosecutors have called for a 15 year prison term to be imposed on the disgraced Theranos founder.
Her lawyers are seeking an 18-month term of incarceration to be served at home.
One factor that could play a part in Judge Edward Davila’s thinking is the fact that Holmes is pregnant with her second child.
She and husband Billy Evans welcomed their first child in 2021 — which delayed her fraud trial. Her pregnancy was revealed in a letter Mr Evans wrote to the court seeking a lenient sentence.
Elizabeth Holmes sought to blame her former boyfriend Sunny Balwani for Theranos downfall
Friday 18 November 2022 17:12 , Bevan Hurley
A key part of Elizabeth Holmes’ defense at trial was to apportion blame to her Theranos COO and former boyfriend Ramesh “Sunny” Balwani.
Holmes testified that Balwani was emotionally and physically abusive towards her, and that his manipulative behaviour was the reason why Theranos failed.
Balwani was convicted of fraud in a separate trial in July and will be sentenced for his part in the scam next month.
Elizabeth Holmes arrives at court ahead of her sentencing
Friday 18 November 2022 17:34 , Bevan Hurley
Elizabeth Holmes has just arrived for at the San Jose federal courthouse in California. Her sentencing is due to begin in around half an hour.
Holmes was accompanied by her husband Billy Evans, and parents Christian and Noel, all of whom wrote impassioned letters asking for leniency.
Media have been queuing outside the federal courthouse in San Jose, California, since the early hours of the morning to get a seat inside the courtroom.
Judge Edward Davila will determine Holmes’ fate
Friday 18 November 2022 17:53 , Bevan Hurley
US District Judge Edward Davila will take centre stage at Holmes’ sentencing as he weighs the federal government’s recommendation to send Holmes, 38, to federal prison for 15 years.
That’s less than the maximum sentence of 20 years she could face, but her legal team is asking for incarceration of no more than 18 months, preferably served in home confinement.
Judge Davila presided over Holmes’ four-month trial in the same San Jose courthouse where she is being sentenced today.
Holmes arrived holding hands with husband Billy Evans
Friday 18 November 2022 18:01 , Bevan Hurley
The heavily-pregnant Theranos founder arrived at the federal courthouse a few minutes ago in San Jose flanked by her husband Billy Evans and parents.
Her sentencing is due to begin ar 10am PCT.
Law 360 reporter Dorothy Atkins filmed this clip of her arrival.
From the courthouse window I can see that Elizabeth Holmes has arrived. pic.twitter.com/aOEPpdijm0
— Dorothy Atkins (@doratki) November 18, 2022
Holmes trailed by large media pack
Friday 18 November 2022 18:05 , Bevan Hurley
More video from NBC Bay Area of the Theranos founder’s arrival at the federal courthouse in San Jose.
LIVE VIDEO: Disgraced Theranos CEO Elizabeth Holmes is set to be sentenced this morning nearly a year after she was convicted of three felony counts of wire fraud and one felony count of conspiracy to commit fraud. Tune in for live coverage. https://t.co/BLrpUhJRqb pic.twitter.com/gK7v0DG9WR
— NBC Bay Area (@nbcbayarea) November 18, 2022
Judge Edward Davila has entered the courtroom
Friday 18 November 2022 18:15 , Bevan Hurley
Judge Edward Davila has entered the courtroom and the sentencing is underway.
Elizabeth Holmes’ friends and family have packed out the first two rows of the courtroom, according to reporters live-tweeting today’s sentencing.
Judge Davila is recapping the trial, where Holmes was convicted of four counts of defrauding investors.
Judge Ed Davila is recapping the jury's verdict: Elizabeth Holmes was convicted on four fraud and conspiracy charges for defrauding investors, but she was acquitted of patient fraud charges, and jurors hung on some investor fraud counts.
— Dorothy Atkins (@doratki) November 18, 2022
Judge Davila says letters of support for Elizabeth Holmes came in as recently as last night
Friday 18 November 2022 18:27 , Bevan Hurley
More than 140 of Holmes’ supporters wrote letters calling for a lenient sentence.
Judge Davila has told the court that more continued to arrive as recently as last night, according to Law 360 reporter Dorothy Atkins.
Attorneys are discussing whether Holmes “reckless disregard” for Theranos patients should be a factor in her sentence.
Holmes was acquitted of defrauding patients at trial.
The attorneys are arguing over whether the judge can consider Elizabeth Holmes' alleged "reckless disregard" for patients in her sentencing, even though she was acquitted of patient fraud charges. Prosecutor John Bostic says "Ms. Holmes' conduct toward patients is in the record."
— Dorothy Atkins (@doratki) November 18, 2022
Probation officers recommended a sentence of nine years
Friday 18 November 2022 18:33 , Bevan Hurley
Judge Edward Davila tells the court that probation officers called for a term of nine years imprisonment.
Prosecutors called for a 15-year sentence, while Holmes legal team sought an 18 month period of home incerceration.
NBC Bay Area reporter Scott Budman notes that the judge has told Holmes, who is heavily pregnant, that she can remain seated for the entire hearing.
#Update: Elizabeth Holmes is visibly pregnant.
The judge just offered to let her stay seated for the proceedings if she wishes.— scott budman (@scottbudman) November 18, 2022
Everything you need to know about the Theranos founder
Friday 18 November 2022 18:36 , Bevan Hurley
Elizabeth Holmes was found guilty of defrauding investors in her former blood-testing startup company, Theranos, concluding a trial that gripped both Silicon Valley and the international media outlets which initially helped propel her to stardom.
An attempt at requesting a new trial faltered — she claimed that one of the key witnesses acknowledged regrets about the proceedings, however, he stood by his testimony — and on Friday she will be sentenced, with prosecutors calling for 15 years in jail for her crimes.
Here’s a comprehensive recap on how we got to today’s sentencing.
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Did Holmes knowingly put patients lives at risk?
Friday 18 November 2022 18:47 , Bevan Hurley
This point appears to be a key consideration in today’s sentencing.
Attorneys are arguing over whether Holmes was “reckless” in allowing blood testing to be carried out on Theranos’ faulty Edison machines.
She was acquitted of defrauding patients at trial, and convicted of three charges of duping investors.
#Update: Not sure if this shows how things are going for Elizabeth Holmes (and what her sentence will be), but lawyers are now debating whether Holmes displayed "a conscious disregard," or "recklessness."
— scott budman (@scottbudman) November 18, 2022
Holmes has never taken responsibility for Theranos downfall, prosecutors say
Friday 18 November 2022 18:54 , Bevan Hurley
Elizabeth Holmes has frequently portrayed herself as a martyr who was unfairly demonised over Theranos’ failure.
“At trial, she blamed her COO (and longtime boyfriend), her board, her scientists, her business partners, her investors, her marketing firm, her attorneys, the media — everyone, that is, but herself,” US assistant attorney Robert Leach wrote in a pre-sentencing filing.
That is now being discussed as to whether it should be a factor in her sentence, Law 360’s Dorothy Atkins writes.
Holmes' counsel says the gov't is conflating facts about Theranos' tests. Moving on, the attorneys are arguing over whether Holmes should get a tougher sentence b/c she hasn't admitted she's guilty. Feds say 'yea,' defense says 'nay.'
— Dorothy Atkins (@doratki) November 18, 2022
Holmes exhibits ‘arrogance’, prosecutors argue
Friday 18 November 2022 18:56 , Bevan Hurley
Holmes’ reluctance to take responsibility exhibits “arrogance”, prosecutors say.
#Update: Prosecutor says Elizabeth Holmes has not admitted guilt for anything that happened at Theranos.
Says she exhibits "arrogance."— scott budman (@scottbudman) November 18, 2022
Cory Booker among the 140 supporters to call for leniency
Friday 18 November 2022 19:02 , Bevan Hurley
The New Jersey Democratic Senator wrote that he considered Holmes to be a friend and asked for leniency.
Judge focusing on power dynamic between Balwani and Holmes
Friday 18 November 2022 19:04 , Bevan Hurley
Judge Davila is hearing from both sets of attorneys on whether Elizabeth Holmes or Ramesh Balwani ultimately called the shots at Theranos.
Holmes has repeatedly sought to characterise her former boyfriend as manipulative and controlling.
On another topic, prosecutors want a tougher prison sentence for Holmes' leadership role and her authority at Theranos, which was "second to none" - not even Balwani. The judge clarifies he wants to know how she had a leadership role in her conspiracy with Balwani, not at the co.
— Dorothy Atkins (@doratki) November 18, 2022
Everything you need to know about the Theranos founder
Friday 18 November 2022 19:22 , Bevan Hurley
While we await a sentence, here’s a comprehensive recap from our reporters on how we got to today’s hearing.
Elizabeth Holmes trial: Everything you need to know about the Theranos founder
Attorneys argue over who should be considered a victim
Friday 18 November 2022 19:33 , Bevan Hurley
Ninety minutes into the hearing, attorneys are involved in a lengthy debate over who should be considered a victim of Elizabeth Holmes’ offending.
Prosecutors say investors who put their money into Theranos during the period the “scheme was activated”, NBC Bay Area reporter Scott Budman tweets.
Attorney for Elizabeth Holmes on #Theranos victims: "Who are we talking about?"
Prosecution: "Investors who invested during the time the scheme was activated."— scott budman (@scottbudman) November 18, 2022
Prosecutors say Holmes’ deceit lost investors more than $800m
Friday 18 November 2022 19:37 , Bevan Hurley
Prosecutors have estimated the total of Elizabeth Holmes’ fraud at $804m, and are seeking restitution of that amount.
Her attorneys dispute that figure, and have pointed out that Holmes never sold any of her Theranos shares — a stake valued at $4.5bn in 2014.
Elizabeth Holmes ‘emotionless’ in court
Friday 18 November 2022 19:54 , Bevan Hurley
A heavily-pregnant Elizabeth Holmes has remained emotionless throughout the near two-hour sentencing hearing so far, NBC tech reporter Scott Budman notes.
Attorneys are involved in a lengthy discussion around Theranos’ financials.
To further set the stage here, the courtroom is packed to the gills.
Elizabeth Holmes has been emotionless so far, looking straight ahead.
Her family is seated behind her, along with several friends.
Both sides are still trying to sway the judge.#Theranos— scott budman (@scottbudman) November 18, 2022
Elizabeth Holmes’ attorneys say investor loss came to $48m
Friday 18 November 2022 19:59 , Bevan Hurley
Attorneys for both sides have been arguing for some time over how much Elizabeth Holmes defrauded investors out of.
Prosecutors put the figure at $804m, while Holmes’ lawyers say it is $48m.
Two hours into the hearing, Judge Davila has called a 15 minute break.
The sentencing hearing is resuming
Friday 18 November 2022 20:22 , Bevan Hurley
Judge Edward Davila has returned to the courtroom and we’re back underway.
Scott Budman is in the courtroom for NBC Bay Area.
#Update: We're back in the courtroom.
During the break, Elizabeth Holmes huddled briefly with her family, then was talking (and nodding) with her attorney.— scott budman (@scottbudman) November 18, 2022
Judge Davila is addressing objections before moving on to sentencing guidelines
Friday 18 November 2022 20:26 , Bevan Hurley
We’re approaching the business end of the sentencing now.
Judge Davila is going over the numerous objections that arose, and will then talk about his sentencing-guideline calculations.
Judge Davila won’t consider potential harm to patients
Friday 18 November 2022 20:31 , Bevan Hurley
A victory of sorts for Elizabeth Holmes — the judge won’t consider harm to Theranos patients in deciding on a sentence.
Ethan Baron, of Mercury News, has more.
Davila rules he won't factor into sentencing things Holmes was acquitted of, and won't agree with government to up her sentence based on risk of harm to patients. (she was acquitted on patient-related charges)
— EthanBaron (@ethanbaron) November 18, 2022
Judge rejects $800m investor loss figure submitted by prosecutors
Friday 18 November 2022 20:36 , Bevan Hurley
Another ruling goes in favour of the Theranos founder.
Dorothy Atkins of Law 360 tweets: “The judge notes Theranos was a private company and the reality is that none of the investors are likely to recover a return on their investments. He adds that estimating the value of shares given the fraud ‘is challenging’.”
10 victims, $385m lost
Friday 18 November 2022 20:42 , Bevan Hurley
Judge Davila says he will sentence Holmes based on her defrauding 10 victims of a total of $385m, according to Law 360.
Among the victims were Rupert Murdoch and the family of former Education Secretary Betsy DeVos.
Judge Ed Davila listhis 10 investor victims of Elizabeth Holmes’ fraud who lost a total of $385 million, and those victims include Rupert Murdoch and the DeVos family. He says there may be more victims but he’s limiting his finding to 10 for the purpose of sentencing calculations
— Dorothy Atkins (@doratki) November 18, 2022
Holmes was not the leader of the criminal acts, Judge Davila says
Friday 18 November 2022 20:44 , Bevan Hurley
Judge Davila’s comment appears to lay primary blame for the Theranos scandal with Ramesh Balwani, who will be sentenced next month.
He said Holmes was the leader of the company, but not of the criminal activity.
#Update: The judge says evidence shows Elizabeth Holmes was leader of the company, but not necessarily the leader of the criminal acts.
(Rare mention of Sunny Balwani here)#Theranos— scott budman (@scottbudman) November 18, 2022
Judge Davila says he won’t set restitution today
Friday 18 November 2022 20:50 , Bevan Hurley
Judge Edward Davila will not impose a financial penalty on Holmes today, he has just said.
Judge Davila says he will set a restitution hearing in the future, not today. Holmes has said she has no money for restitution. Prosecutors want her to pay $804 million, the entirety of what they say she cost investors
— EthanBaron (@ethanbaron) November 18, 2022
Judge considering a sentence of between and 11 and 14 years
Friday 18 November 2022 20:56 , Bevan Hurley
Judge Edward Davila says the sentencing guidelines indicate a sentence of between 11 and 14 years.
Important to note, this is not the actual sentence, but a sign of where he might be heading.
Davila says guideline calculations indicate Holmes should get 135 to 168 months in prison
— EthanBaron (@ethanbaron) November 18, 2022
Prosecutors say Holmes craved media attention
Friday 18 November 2022 21:19 , Bevan Hurley
Holmes’ need for attention fuelled the fraud, prosecutors tell Judge Davila.
They have asked for a 15 year prison sentence as a deterrent in the high-profile case.
The defense is now making their final arguments.
#Update: Prosecution says Elizabeth Holmes craved media attention and a lavish lifestyle.
Says "the attention desired by Ms. Holmes fueled the fraud."#Theranos— scott budman (@scottbudman) November 18, 2022
Holmes had 'good intentions’
Friday 18 November 2022 21:34 , Bevan Hurley
Defense attorney Kevin Downey said Holmes had “good intentions” and there was no evidence that she had been by greed.
“Year in and year out, Elizabeth Holmes had the opportunity to become a very wealthy woman,” he said.
“Hundreds of millions of dollars. Year after year, she declined the offers.”
She had been let down by her advisers, Mr Downey added.
Holmes lawyer Downey says Holmes crime wasn't like others: 'Those are the cases with the yachts, and the mansions and the large parties bought with the proceeds of the crime.'
— EthanBaron (@ethanbaron) November 18, 2022
Defense has wrapped up
Friday 18 November 2022 21:42 , Bevan Hurley
After describing Holmes as a nice and considerate person, the defense has wrapped up.
Alex Schultz, the son of former Secretary of State George and father of Theranos whistleblower Tyler, is reading a victim impact statement.
He wrote to the court that Holmes had taken a “wrecking ball” to their family.
Theranos victim eyeballs Holmes
Friday 18 November 2022 21:44 , Bevan Hurley
A dramatic moment in court: Alex Schultz looks directly at Holmes and says that his whistleblower son Tyler had to sleep with a knife due to fear of being harmed after she hired private investigators to pry into his life.
Alex Shultz says (looking at her) Elizabeth Holmes "hired a private investigator to follow my son."
"My son slept with a knife, because he was afraid of being killed."— scott budman (@scottbudman) November 18, 2022
Elizabeth Holmes in tears as she addresses the judge
Friday 18 November 2022 21:51 , Bevan Hurley
Holmes is now addressing Judge Davila, says she takes responsibility for the Theranos failure.
“I stand before you taking responsibiliy for Theranos. It was my life’s work.”
Elizabeth Holmes (through tears): "I am devastated by my failings. I have felt deep pain for what people went through, because I failed them."
"To investors, patients, I am sorry."— scott budman (@scottbudman) November 18, 2022
Judge Davila is now addressing the court
Friday 18 November 2022 21:58 , Bevan Hurley
With the sentencing hearing approaching the four hour mark, Judge Davila is addressing the court ahead of delivering a sentence.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Friday 18 November 2022 22:21 , Graeme Massie
Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failure by fraud is not OK.’
Bevan Hurley has the story.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Selfless visionary or scheming grifter? Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Friday 18 November 2022 22:35 , Graeme Massie
From college dropout at 19 to billionaire at 30 and convicted fraudster at 37, Elizabeth Holmes has had a life trajectory unlike any of her Silicon Valley peers. Her tainted legacy will continue to be fought over for years to come, Bevan Hurley writes.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Elizabeth Holmes bypasses media, exits courthouse via side entrance
Friday 18 November 2022 23:09 , Bevan Hurley
With dozens of cameras pointed at the main entrance to the federal courthouse in San Jose, Elizabeth Holmes ducked out of a side entrance.
She will have to report to corrections officials to begin her 11 year sentence in April.
Wall Street Journal reporter comments on Holmes sentence
Friday 18 November 2022 23:30 , Bevan Hurley
John Carreyrou, whose reporting at the Wall Street Journal exposed problems at Theranos, was in court to see Holmes sentenced.
In comments outside the courthouse, the Bad Blood author said the sentence was “stiff” but appropriate given Holmes had put patients at risk.
Elizabeth Holmes just got sentenced to 135 months in prison (11.25 years)
— John Carreyrou (@JohnCarreyrou) November 18, 2022
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Saturday 19 November 2022 00:00 , Bevan Hurley
Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failure by fraud is not OK.’
Read on for full story.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Holmes admits responsibility for Theranos failure in tearful courtroom apology
Saturday 19 November 2022 00:30 , Bevan Hurley
“I am devastated by my failings. I have felt deep pain for what people went through, because I failed them,” Elizabeth Holmes told the judge through tears.
It was the first time Holmes had taken responsibility for the Theranos failure.
Devastating victim impact statement from whistleblower’s father
Saturday 19 November 2022 01:00 , Bevan Hurley
Alex Schultz, the father of Theranos whistleblower Tyler, read a victim impact statement to say that Holmes had taken a “wrecking ball” to his family.
He looked directly at Elizabeth Holmes as he said Tyler had feared for his life after she hired private investigators to pry into his life.
“My son slept with a knife under his pillow every night thinking somebody was going to come and murder him.”
Mr Schultz is the son of former secretary of state George Schultz, who was an early Theranos backer.
Selfless visionary or scheming grifter?
Saturday 19 November 2022 02:00 , Bevan Hurley
In a climactic end to a stunning fall from grace for the one-time golden child of Silicon Valley, Elizabeth Holmes has been sentenced to 11 years and three months for cheating investors of her blood-testing start-up Theranos.
But for her many advocates and detractors, Friday’s sentence is unlikely to end the debate around whether Holmes was a well-intentioned humanitarian who got in over her head, or a charlatan in a turtleneck sweater who chose “deceit over candour”.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Judge says tragedy of case is that Holmes was ‘brilliant'
Saturday 19 November 2022 03:00 , Bevan Hurley
Before sentencing Holmes to 11 years and three months prison, Judge Edward Davila described the case as “so troubling on so many levels”.
“The tragedy of this case is Ms Holmes is brilliant, she had creative ideas. She’s big thinker. She was moving into an industry that was dominated by, let’s face it, male ego. She got into that world.”
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Saturday 19 November 2022 04:00 , Bevan Hurley
Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failure by fraud is not OK.’
Read on for full story.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Selfless visionary or scheming grifter?
Saturday 19 November 2022 05:00 , Bevan Hurley
In a climactic end to a stunning fall from grace for the one-time golden child of Silicon Valley, Elizabeth Holmes has been sentenced to 11 years and three months for cheating investors of her blood-testing start-up Theranos.
But for her many advocates and detractors, Friday’s sentence is unlikely to end the debate around whether Holmes was a well-intentioned humanitarian who got in over her head, or a charlatan in a turtleneck sweater who chose “deceit over candour”.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Wall Street Journal reporter comments on Holmes sentence
Saturday 19 November 2022 06:00 , Bevan Hurley
John Carreyrou, whose reporting at the Wall Street Journal exposed problems at Theranos, was in court to see Holmes sentenced.
In comments outside the courthouse, the Bad Blood author said the sentence was “stiff” but appropriate given Holmes had put patients at risk.
Elizabeth Holmes just got sentenced to 135 months in prison (11.25 years)
— John Carreyrou (@JohnCarreyrou) November 18, 2022
Elizabeth Holmes bypasses media, exits courthouse via side entrance
Saturday 19 November 2022 07:00 , Bevan Hurley
With dozens of cameras trained on the main entrance to the federal courthouse in San Jose after her sentencing, Elizabeth Holmes ducked out of a side entrance.
She will have to report to corrections officials to begin her 11 year sentence in April.
Judge says tragedy of case is that Holmes was ‘brilliant’
Saturday 19 November 2022 08:00 , Bevan Hurley
Before sentencing Holmes to 11 years and three months prison, Judge Edward Davila described the case as “so troubling on so many levels”.
“The tragedy of this case is Ms Holmes is brilliant, she had creative ideas. She’s big thinker. She was moving into an industry that was dominated by, let’s face it, male ego. She got into that world.”
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Saturday 19 November 2022 09:00 , Bevan Hurley
Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failure by fraud is not OK.’
Read on for full story.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Selfless visionary or scheming grifter?
Saturday 19 November 2022 10:00 , Bevan Hurley
In a climactic end to a stunning fall from grace for the one-time golden child of Silicon Valley, Elizabeth Holmes has been sentenced to 11 years and three months for cheating investors of her blood-testing start-up Theranos.
But for her many advocates and detractors, Friday’s sentence is unlikely to end the debate around whether Holmes was a well-intentioned humanitarian who got in over her head, or a charlatan in a turtleneck sweater who chose “deceit over candour”.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Devastating victim impact statement from whistleblower’s father
Saturday 19 November 2022 11:00 , Bevan Hurley
Alex Schultz, the father of Theranos whistleblower Tyler, read a victim impact statement to say that Holmes had taken a “wrecking ball” to his family.
He looked directly at Elizabeth Holmes as he said Tyler had feared for his life after she hired private investigators to pry into his life.
“My son slept with a knife under his pillow every night thinking somebody was going to come and murder him.”
Mr Schultz is the son of former secretary of state George Schultz, who was an early Theranos backer.
Holmes admits responsibility for Theranos failure in tearful courtroom apology
Saturday 19 November 2022 12:00 , Bevan Hurley
“I am devastated by my failings. I have felt deep pain for what people went through, because I failed them,” Elizabeth Holmes told the judge through tears.
It was the first time Holmes had taken responsibility for the Theranos failure.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Saturday 19 November 2022 13:00 , Bevan Hurley
Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failure by fraud is not OK.’
Read on for full story.
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Who is Elizabeth Holmes?
Saturday 19 November 2022 14:15 , Megan Sheets
In a climactic end to a stunning fall from grace for the one-time golden child of Silicon Valley, Elizabeth Holmes has been sentenced to 11 years and three months for cheating investors of her blood-testing start-up Theranos.
But for her many advocates and detractors, Friday’s sentence is unlikely to end the debate around whether Holmes was a well-intentioned humanitarian who got in over her head, or a charlatan in a turtleneck sweater who chose “deceit over candour”.
The Department of Justice left no doubt about the 38-year-old’s criminal intent. In a scathing 46-page sentencing memo, assistant US attorney Robert Leach described Theranos’ implosion as one of the most “substantial white collar offences Silicon Valley or any other district has seen”.
Leach wrote that the Theranos founder “preyed on hopes of her investors that a young, dynamic entrepreneur had changed healthcare”.
Meanwhile, Holmes’ legal team tried to portray her as a devoted mother, daughter and friend who tried to help countless others through her generosity and faith.
The Independent’s Bevan Hurley explores who Holmes really is:
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Will Silicon Valley learn anything from Holmes’s conviction?
Saturday 19 November 2022 15:30 , Megan Sheets
The fraud conviction of former Theranos CEO Elizabeth Holmes could offer Silicon Valley s culture of hubris and hype some valuable lessons.
Will anyone in the tech industry actually take this moment to heart? Don’t count on it.
What will Silicon Valley learn from Holmes' conviction?
Elizabeth Holmes scandal explained
Saturday 19 November 2022 16:30 , Megan Sheets
Elizabeth Holmes was found guilty of defrauding investors in her former blood-testing startup company, Theranos, concluding a trial that gripped both Silicon Valley and the international media outlets which initially helped propel her to stardom.
An attempt at requesting a new trial faltered — she claimed that one of the key witnesses acknowledged regrets about the proceedings, however, he stood by his testimony.
Holmes was ultimately sentenced on 18 November to 135 months - over 11 years - in prison. Currently heavily pregnant, Holmes is set to begin the sentence in April 2023.
How did she get into this position? And how did the legal proceedings — described by some as “Silicon Valley’s trial of the century” — unfold?
The Independent explains:
Who is Elizabeth Holmes? Everything you need to know about the Theranos founder
RECAP: Holmes sentencing hearing
Saturday 19 November 2022 17:30 , Megan Sheets
Elizabeth Holmes was finally sentenced to 135 months in prison followed by three years of supervised release on 18 November.
A tearful Holmes, who is heavily pregnant with her second child, hugged her husband Billy Evans after the sentence was read out.
Earlier, she apologised for her role in the collapse of the Silicon Valley firm – the first time she has admitted responsibility.
“I am devastated by my failings. I have felt deep pain for what people went through, because I failed them,” Holmes said.
Prosecutors had asked the judge to sentence the 38-year-old to 15 years in prison and to pay $800m in restitution for defrauding investors.
Her lawyers argued that Holmes deserves more lenient treatment as a well-meaning entrepreneur who is now a devoted mother with another child on the way.
Judge Edward Davila described the case as “so troubling on so many levels”.
“The tragedy of this case is Ms Holmes is brilliant, she had creative ideas. She’s a big thinker.
“She was moving into an industry that was dominated by, let’s face it, male ego,” Judge Davila told the court, according to Mercury News reporter Ethan Baron. “Failure is normal. But failure by fraud is not OK.”
He ordered Holmes to surrender to corrections officials in April — after she has given birth to her second child.
Holmes’ husband’s moving pre-trial testimonial: ‘Her capacity to change the world is limitless'
Saturday 19 November 2022 18:30 , Megan Sheets
Elizabeth Holmes’ husband Billy Evans defended her in a glowing pre-trial testomonial.
In a letter stretching 12 pages punctuated by headings such as “dreams, possibilities, lessons” and “our greatest fears”, Mr Evans writes of falling instantly in love with “Liz” after they met at a charity event in 2017.
“Her capacity to change the world is limitless,” Evans wrote, including dozens of photos of the happy couple.
Evans told how his wife of three years had competed in a Golden Gate Bridge ocean swim event in 2021 while pregnant with their first son.
“There were fifty reasons I thought it was a bad idea, the sharks, the tides, her complete inexperience swimming post age 14,” he wrote.
She eventually made the cut for the race and took part. “You would think by now I would learn to not discount her perseverance,” Evans wrote.
In one passage titled “the price we will always pay”, Evans tells a story about Holmes searching for 16 hours “in brambles and poison oak” after her husky Balto was apparently carried away by a mountain lion from their front porch.
“It was only once she saw his lifeless body that she could come to realise that he was gone,” Evans writes.
“But that’s Liz for you, she’s constantly hoping and working towards the best outcome, even if it is unlikely.”
Rosy portrayal of Holmes in more than 140 character references
Saturday 19 November 2022 19:30 , Megan Sheets
Going into the sentencing, Elizabeth Holmes’ legal team tried to portray her as a devoted mother, daughter and friend who tried to help countless others through her generosity and faith.
In more than 140 character references submitted to Judge Edward Davila from her family, friends, a US Senator, a former US ambassador to Australia, a retired Navy rear admiral, a professor of medicine, a police sergeant and government officials, Holmes came across as an almost saintly figure who had dedicated her life to the service of others.
Many pointed the finger at the “malignant eye of the media” for unfairly demonising her.
“Now we have a horrifying situation,” billionaire venture capitalist Tim Draper wrote.
“A potentially great entrepreneur with extraordinary vision is being condemned by society for taking that enormous risk, sacrificing everything and failing, by not properly communicating her side of the story to the public.”
Other true believers insisted her patented blood testing technology could still be used to transform healthcare, as Holmes had envisaged.
