Former Theranos CEO Elizabeth Holmes is set to be sentenced on Friday, 10 months after a jury found her guilty of defrauding investors in the failed blood-testing company.
Holmes, 38, founded Theranos in 2003, and it quickly grew to become of one of the best-known startups in the world, with a peak valuation of $10 billion. But a series of exposes by the Wall Street Journal raised questions about the effectiveness of the company's technology and business practices, triggering multiple investigations by federal and state officials.
"Especially in a very highly publicized case, you want the public to know that if you defraud investors or anyone else, you're looking at serious jail time," said Carrie Cohen, global co-chair of the Investigations and white-collar defense practice group at law firm Morrison Foerster. Federal prosecutors have asked for a sentence of 15 years and payment of $800 million, painting Holmes' crimes as"among the most substantial white collar offenses Silicon Valley or any other District has seen," according toElizabeth Holmes, founder of Theranos, right, leaves from federal court in San Jose, California, on Thursday, Sept. 1, 2022.
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