Elizabeth Holmes, the founder of Theranos sentenced to more than 11 years in jail

I really liked Theranos. It had been my life’s work, Holmes explained. My team meant everything to me. My flaws have crushed me. I’m very sorry. I devoted everything I had to start my business.
According to court records, her defense team claimed that she should receive a maximum sentence of 18 months. Instead, she was sentenced to 135 months in prison, which equates to 11 years and three months.In 2015, The Wall Street Journal revealed the news of Theranos’ blood-testing technology failing to meet expectations. Whistleblowers and other witnesses testified in detail about how Holmes and former operating chief Ramesh Sunny Balwani misled patients, partners, investors, and employees about the company’s progress and technology capabilities.Theranos, which was once valued at $9 billion by private investors, shut down in 2018.I appreciate you having me. Thank you for your kindness and respect, she remarked on Friday. I felt great sorrow for what others went through because I failed them. I apologize to investors and patients.Prosecutors wanted a 15-year prison term for the 38-year-old pregnant former millionaire and Silicon Valley star. Balwani, who had a love relationship with Holmes years before, was convicted guilty of 12 felony fraud counts in July. His sentencing date has been set for next month.The punishment was handed down by U.S. District Court Judge Edward Davila, who presided over Holmes’ trial.The former millionaire tried to get a new trial when a former employee showed up at her house in August to talk with her. Billy Evans, Holmes’ boyfriend, said in court that the former employee made apologetic statements at their shared apartment.However, that employee, Adam Rosendorff, told the court that his comments were motivated by his sadness at the prospect of a kid being separated from their mother. Theranos founder Elizabeth Holmes gave birth to her first child in July and is expecting another.The sentencing of Holmes comes as another young tech billionaire icon, Sam Bankman-Fried, faces a bleak future following the sudden collapse of his cryptocurrency exchange FTX last week. Bankman-Fried has not been charged with a crime, but he is facing legal action following revelations that his company was unable to return depositors’ funds because some of it was used to fund risky, losing bets.