A California judge sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison on Friday (Nov 18) for defrauding investors in her now-defunct blood testing startup that was once valued at US$9 billion.
US District Judge Edward Davila in San Jose, California, sentenced Holmes on three counts of investor fraud and one count of conspiracy. A jury convicted Holmes, 38, in January following a trial that spanned three months.
Holmes, dressed in a dark blouse and black skirt, hugged her parents and her partner after the sentence was handed down.
During the hearing, Holmes cried as she said she was "devastated" by her failures and would have done many things differently if she had the chance.
"I have felt deep shame for what people went through because I failed them," she said.
Before handing down the sentence, Davila called the case "troubling on so many levels," questioning what motivated Holmes, a "brilliant" entrepreneur, to misrepresent her company to investors.
"This is a fraud case where an exciting venture went forward with great expectations only to be dashed by untruths, misrepresentations, plain hubris and lies," he said.
The judge set Holmes' surrender date for April. Her lawyers are expected to ask the judge to allow her to remain free on bail during her appeal.
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