Business News

Elizabeth Holmes seeks to avoid prison for Theranos fraud

 

NEW YORK — Elizabeth Holmes urged a US 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 received 18 months in home confinement, followed by community service, at her Nov. 18 sentencing before US District Judge Edward Davila in San Jose, California.

The lawyers said prison time was unnecessary to deter future wrongdoing, calling the 38-year-old Holmes a “singular human with much to give” and not the robotic, emotionless “caricature” seen by the public and media.

“No defendant should be made a martyr to public passion,” the lawyers wrote. “We ask that the court consider, as it must, the real person, the real company and the complex circumstances surrounding the offense.”

People are also reading…

  • Reports: Former Mizzou basketball player Jed Frost kills wife, self in Dallas
  • Missouri voters approve legalizing recreational marijuana
  • Teen killed by Amtrak train was a hard worker with a dry sense of humor, family says
  • Cardinals Hall of Famer Matt Holliday returning to team as Oliver Marmol’s bench coach
  • Cardinals catch up on market for Molina’s replacement, know they won’t ‘fill Yadi’s shoes’
  • Could Cardinals’ heir to Yadier Molina be Astros’ catcher from World Series no-hitter?
  • Cardinals acquire infielder Jose Fermin from Cleveland for cash, roster update
  • New businesses nudge Augusta toward becoming the Napa Valley of the Midwest
  • As MLB rules shift, star shortstops hit free agency. Enticing? Cardinals have short answers.
  • St. Louis judge cites ‘mismanagement’ by circuit attorney, grants police request
  • Schmitt beats Valentine in Missouri’s US Senate race
  • Cardinals, Cubs plan payroll increases. When will NL Central competitiveness rise, too?
  • West County couple downsizes, builds new home in their old subdivision
  • Blast from the past (Holliday) and jolt for the future (Blake) complete Cardinals staff
  • Police chief’s arrest, talk of mayoral impeachment rock small town of Louisiana, Mo.

Prosecutors are expected to file their sentencing recommendation soon.

A jury convicted Holmes in January on four counts of wire fraud and conspiracy. Each count carries a maximum 20-year prison term. Any sentence would likely be served concurrently.

Prosecutors said Holmes lied to investors from 2010 to 2015 by promising Theranos’ technology could run many tests on one drop of blood from a finger prick.

On Monday, Davila rejected Holmes’ requests for a new trial, including over a claim that a key prosecution witness visited her at home and made statements that undermined his testimony.

Holmes founded Theranos in 2003 at age 19, before dropping out of Stanford University. Theranos was once valued at $9 billion, and Forbes magazine in 2015 estimated Holmes’ net worth at $4.5 billion.

More than 130 friends, family, investors and former Theranos employees submitted letters to Davila urging leniency for Holmes.

Her partner Billy Evans called Holmes, known as Liz, “honest, humble, selfless, and kind beyond what most people have ever experienced.”

Theranos’ former president Ramesh “Sunny” Balwani was convicted in July of defrauding investors and patients about the company. His sentencing is scheduled for Dec. 7.

Recommended Posts

How to Effectively Impact Real Estate through Philanthropy

Indonesia Real Estate Properties For Sale In Indonesia Located on the tip of Marblehead Neck, this Massachusetts mansion comes with panoramic ocean views of Boston with personal steps main immediately into the ocean. Built in 1999, the 4 story estate has an elevator, a library, and a wet bar in the principle property. The 7,138 […]

 

Understanding the Basics of Cybersecurity for Individuals

100+ Technology Pictures Hq Obtain Free Pictures & Inventory Pictures On Unsplash “Frankenstein” serves as a cautionary story, exploring the risks of unchecked ambition and the potential for scientific innovation to go awry. “I, Robot” by Isaac Asimov is a seminal science fiction assortment of quick tales that explores the relationship between humans and robots. […]

 

The Future of Renewable Energy Technology

Bbc Innovation Technology, Well Being, Environment, Ai Explore the pros and cons of cloud computing for companies, including price financial savings and scalability in Netflix’s streaming service. Look at how machine studying is making predictive analytics better in areas like finance and healthcare. Explore how 3D printing creates custom-made implants, prosthetics, and drugs Technology news […]