International

Forbes richest self-made billionaire jailed 11 years for fraud

Despite being eight months pregnant with her second child and formerly being listed by Forbes as one of the wealthiest self-made billionaires in America, Elizabeth Holmes, 38, was sentenced to 11 years in jail for fraud.

Theranos’ creator was once valued at $4.5 billion and regarded as a genius who was about to revolutionize the medical industry.

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Since then, she has been revealed to be a liar who used fraudulent promises to entice Silicon Valley investors, including media magnate Rupert Murdock, to fund her start-up.

In 2013, she claimed to have created a cutting-edge blood testing kit that used only a small bit of blood and produced correct results in as little as 20 minutes. Her company attracted attention from all around the world as a result.

According to the prosecution in her trial, it turned out to be all lies, and her company was a sham created to defraud investors.

Some investors denounced her to the FBI when she neglected to disclose how their money was used.

She was detained for fraud after a comprehensive investigation. Her counsel had requested that she serve only 18 months in jail, but the prosecution argued that her haughtiness and refusal to admit guilt throughout the trial merited a 15-year sentence.

She was asked to return $121 million to investors, and the judge agreed, sentencing her to 11 years in prison.

Lawyers for the government asked for a 15-year prison term, as well as probation and restitution, while Holmes’ probation officer pushed for a nine-year term. Holmes’ defense team asked Davila, who presided over her case, to sentence her to up to 18 months of incarceration followed by probation and community service. Before the sentencing was announced, a tearful Holmes spoke to the court in San Jose, California.

I cherished Theranos. My life’s labor was that, she claimed. “The people I most loved and admired were the ones I attempted to get engaged with Theranos. My shortcomings have destroyed me.

Theranos founder Elizabeth Holmes, who was found guilty of fraud earlier this year, was sentenced today by a judge in a San Jose, California courtroom. Before the sentence was handed down, she is seen in this image speaking with the judge.

She also expressed her regrets to Theranos’ staff members, investors, and clients. “I’m terribly sorry. I sacrificed everything I had in order to establish and maintain our business, she stated. “Every cell in my body regrets my failures.”

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