Theranos founder Elizabeth Holmes should spend 15 years in prison and pay $800 million in restitution to investors defrauded in the blood testing start-up, U.S. prosecutors recommended late on Friday. The Department of Justice recommendation, made in a court filing, came as Holmes prepares to be sentenced next week. “Considering the extensiveness of Holmes’ fraud…
Prosecutors Seek 15 Years for Elizabeth Holmes Over Theranos Fraud
Elizabeth Holmes Seeks to Avoid Prison for Theranos Fraud
Elizabeth Holmes urged a judge not to send her to prison, as the founder of Theranos Inc. prepares to be sentenced next week for defrauding investors in the blood testing start-up. In a Thursday night court filing, lawyers for Holmes asked that she receive 18 months in home confinement, followed by community service, at her…
Jury Convicts Former Theranos President Sunny Balwani of Fraud
A jury on Thursday convicted former Theranos Inc. President Ramesh “Sunny” Balwani of defrauding investors and patients about the blood testing startup that was once valued at $9 billion. The San Jose, California, jury deliberated for a little more than five days before convicting Balwani on two counts of conspiracy and 10 counts of fraud,…
Blood-Testing Tech Entrepreneur Elizabeth Holmes Found Guilty of Fraud and Conspiracy
January 4, 2022
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Theranos founder Elizabeth Holmes was found guilty on Monday of conspiring to defraud investors in her blood-testing startup that she has built into a $9 billion company. A jury in San Jose, California, found Holmes guilty of four of 11 charges of fraud after seven days of deliberations, with each count carrying a maximum sentence…
Fate of Elizabeth Holmes Will Soon Be in the Hands of Jurors
December 17, 2021
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SAN JOSE, Calif.—Lawyers for opposing sides in the trial of former Theranos CEO Elizabeth Holmes are expected to wrap up closing arguments Friday, paving the way for a jury to begin deliberations over criminal charges accusing her of turning her blood-testing startup into a massive scam. The case revolving around Holmes’ meteoric rise to become…
Elizabeth Holmes Gets Emotional Under Fire by Prosecutors
December 2, 2021
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SAN JOSE, Calif.—One-time entrepreneur Elizabeth Holmes, under questioning by prosecutors, struggled Tuesday to recall key events that led to her facing criminal fraud charges for allegedly fleecing investors and customers of her failed blood-testing startup Theranos. Her cross-examination began the day after she shared painfully vivid memories of alleged abuse by her ex-lover and business…
Theranos’ Holmes Testifies She Was Abused by Ex-Partner Balwani
SAN JOSE, Calif.—Theranos founder Elizabeth Holmes testified on Monday she was abused by her former romantic partner and Theranos executive Ramesh “Sunny” Balwani and that the relationship had a pervasive impact on her life during the time when she is accused of committing fraud. During her fourth day on the stand, Holmes, 37, occasionally choked…
Theranos Founder Elizabeth Holmes Takes Stand to Defend Herself in Fraud Case
November 20, 2021
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SAN JOSE, Calif.—Theranos founder Elizabeth Holmes took the stand on Friday to defend herself against charges of defrauding investors and patients about the now-defunct blood-testing startup once valued at $9 billion. Holmes, 37, is accused of making false claims about Theranos, including that its technology could run a range of diagnostic tests more quickly and…
Trial of Theranos Founder Elizabeth Holmes Set to Begin After Multiple Delays
Prosecutors and defense lawyers are scheduled to deliver their opening statements on Sept. 8 in the trial of Elizabeth Holmes, the founder of medical sciences company, Theranos Inc. Holmes, who founded Theranos in 2003 at the age of 19, is facing counts of wire fraud and conspiracy to commit wire fraud relating to her blood-testing startup that was once…
Theranos Founder’s Defense May Turn on State of Mind: Experts
As Elizabeth Holmes’ fraud trial gets underway this week, lawyers for the former Silicon Valley entrepreneur may try to show she was a true believer in the blood-testing technology at her startup Theranos Inc, and never intended to defraud investors and patients, legal experts said. On Wednesday, federal jurors in San Jose, California will hear…
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