Elizabeth Holmes: Eleven years in prison for a famous young entrepreneur – blood test technology does not work at all

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Elizabeth HolmesEleven years in prison for a famous young entrepreneur – blood test technology does not work at all

Holmes was found guilty by a jury in January of four counts of investor fraud.

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The pregnant 38-year-old woman does not have to go to prison until April 27 next year. (archive image)

imago images/Everett Collection

Reports from the Wall Street Journal revealed that the technology did not work at all.  (archive image)

Reports from the Wall Street Journal revealed that the technology did not work at all. (archive image)

imago images/Everett Collection

She believed in technology and blamed her ex-boyfriend and former business partner Ramesh

She believed in technology and blamed her ex-boyfriend and former business partner Ramesh “Sunny” Balwani for the scandal. (archive image)

imago images/Everett Collection

Former American blood test entrepreneur Elizabeth Holmes – once a famous young star of the biotech industry – has been sentenced to around eleven years in prison for fraud. A federal judge in San Jose, Calif., announced the sentencing of the founder of startup Theranos on Friday. The pregnant 38-year-old woman does not have to go to prison until April 27 next year.

The public prosecutor subsequently demanded 15 years in prison. The defense argued that Holmes should be spared or sentenced to no more than one and a half years in prison. Federal Judge Edward Davila now handed down a sentence of 135 months, or 11 years and three months in prison.

Holmes was hailed as a technological pioneer

Holmes founded Theranos in 2003 when he was just 19 years old. The company advertised a supposedly revolutionary technology for particularly fast, efficient and inexpensive blood tests. The charismatic young entrepreneur was hailed as a technology pioneer and won financially powerful investors and prominent backers such as former Secretary of State Henry Kissinger and media mogul Rupert Murdoch.

Holmes herself became a billionaire. Then the Wall Street Journal reports revealed that the technology didn’t work at all. Holmes has always denied defrauding investors. It admitted mistakes but said it believed in the potential of its technology. She also blamed her ex-boyfriend and former business partner Ramesh “Sunny” Balwani for the scandal. He was also found guilty of fraud in July. The sentence is still pending.

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(AFP/sys)

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