Yes, the continuing saga of Theranos founder Elizabeth Holmes has finally resulted in a prison sentence of 11.25 years or 135 months. Once touted as the next Steve Jobs by Inc. magazine, the conveniently pregnant Holmes won't have to begin her sentence until April 27,2023, according to an article published on Zero Hedge on Friday.
Holmes founded Theranos at the age of 19 in 2003 with her tuition money after dropping out of Stanford. By the time she was 30, Theranos was valued at about $9 Billion with Holmes owning more than half the company's shares.
Theranos was touted as a blood testing startup, claiming to have a revolutionary technology that was capable of performing 240+ tests from just a single pinprick of blood, while normally one vial of blood is needed for every individual test. It appeared we were on the cusp of revolutionizing medicine and save countless lives around the world.
There was just one problem. The technology either never worked or never existed!
Holmes and Theranos' slow but eventually demise began in 2015 when two-time Pulitzer Prize winning journalist John Carreyrou of the Wall Street Journal broke the story after getting a tip doubting Theranos' technology. When further investigating Holmes, he himself doubted that Holmes could develop such a ground breaking technology after just two terms of chemical engineering classes.
Theranos even threatened to sue Carreyou in an effort to keep him at bay.
By 2018 though, Holmes was forced to resign and three months later, Theranos folded and she was charged with criminal fraud along with the company's former president and former boyfriend Ramesh (Sunny) Balwani. Those charges include three felony counts of wire fraud and one count of conspiracy to commit wire fraud to scam investors.
In January, 2022 Holmes was found guilty on four charges of defrauding investors and yesterday, was finally sentenced. Her lawyers tried so hard to have her sentence reduced to just 18 months of house arrest, to no avail. Balwani is to be sentenced on December 7 after being found guilty in July of 12 charges of fraud.
Holmes has 14 days to appeal her sentence.
So much for the next Steve Jobs.
Let's see if things go just as well for the next Warren Buffet...
Here's more on John Carreyrou and his best selling book, 'Bad Blood'. I wonder what the story line is?
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