Theranos founder Elizabeth Holmes was sentenced Friday to more than 11 years in prison for fraud after deceiving investors about the purported efficacy of her company’s blood-testing technology. She was ordered to surrender on April 27.
Holmes was convicted in January in the U.S. District Court for the Northern District of California. She cried while speaking to the court ahead of her sentencing on Friday.
“I loved Theranos. It was my life’s work,” Holmes said. “My team meant the world to me. I am devastated by my failings. I’m so so sorry. I gave everything I had to build my company.”
According to court filings, her defense team argued she should face a maximum sentence of 18 months. However, she was given 135 months, which amounts to 11 years and three months, behind bars.
The Wall Street Journal first broke the story of Theranos’ blood-testing technology struggling to meet expectations in 2015. Whistleblowers and other witnesses provided further evidence of how Holmes and former operating chief Ramesh “Sunny” Balwani deceived patients, partners, investors, and employees about the company’s progress and the capabilities of its technology.
