Outside a San Jose courthouse where Elizabeth Holmes was sentenced to 11.25 years in prison for fraud connected to her company Theranos, NBC Bay Area reporters Scott Budman and Kris Sanchez break down the proceedings.
Elizabeth Holmes, the founder and former CEO of Theranos, the Silicon Valley company once expected to transform blood testing, was sentenced to more than 11 years in prison on Friday.
Holmes was convicted on three felony counts of wire fraud and one felony count of conspiracy to commit fraud after scamming investors and the public with faulty technology she promised could test for diseases with just a few drops of blood.
Elizabeth Holmes Trial
When Will Elizabeth Holmes Report to Prison?
The 38-year-old was facing a maximum sentence of 20 years. Holmes’ legal team requested a sentence of no more than 18 months behind bars.
Holmes was sentenced to 11 years and three months in federal prison and will begin serving time on April 27, 2023, allowing her to give birth to her child.
"I am devastated by my failings. I have felt deep pain for what people went through because I failed them," Holmes said in the courtroom Friday.
Ramesh “Sunny” Balwani, the former boyfriend of Holmes and chief operating officer at Theranos, is expected to be sentenced on Dec. 7.
He was convicted on 12 felony counts of investor and patient fraud for his role in the failed company.
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