Elizabeth Holmes: Theranos founder convicted of fraud, prosecutors seek 15 years in prison
Theranos founder Elizabeth Holmes has been convicted of defrauding investors after a months-long landmark trial in California, Let’s know the whole matter.
US prosecutors said on Friday that Theranos founder Elizabeth Holmes should face 15 years in prison and pay back $800 million for defrauding investors through her blood-testing company, per Reuters.
Why this matters: Holmes, who was found guilty of conspiracy and fraud against certain investors earlier this year, will be sentenced next week.
What they’re saying: “Taking into account the enormity of Holmes’s fraud … a sentence of 180 months imprisonment reflects the seriousness of the crimes, provides appropriate punishment for the crimes committed, and deters Holmes and others, Department Justice prosecutors said in a court filing, per Reuters.
Yes, but: Holmes has argued against a prison sentence. His lawyers argued that Holmes had already become a “joke and infamous satire” and that a prison sentence was unnecessary, according to Fortune.
Context: Holmes was indicted on three charges of wire fraud and one charge of conspiracy to commit wire fraud with certain investors earlier in the year. Each guilty verdict carries a maximum sentence of 20 years, Axios previously reported.
- He was found not guilty on four other counts related to defrauding patients, and the jury was unable to reach a verdict on three counts of defrauding investors.
- The New York Times reports that Holmes will serve all the sentences concurrently.