Home Technology

Theranos boss who lied to everyone was sentenced to 11 years in prison

4 years have passed since the official bankruptcy of Theranos, a medical startup valued at approximately $9 billion in 2013-2014, which promised no less than this with its technology even one a drop of blood can reveal data that today requires a much more sophisticated blood test, its investors who flew on promises because Theranos never bothered to develop the aforementioned miracle method, and tried to mask its failure with false results that endangered patients .

According to our sister site Computerworld , Holmes faced another 20 years in prison for his stunt in January, and now the real verdict has been passed: the failed startup queen will in prison for 135 months, or 11.25 years resident. This is much lighter than the 15 years and $800 million the prosecution requested, but Holmes’ attorneys have requested 18 months of house arrest for their client.

“I’m standing here to you, assuming responsibility for Theranos. I loved Theranos. It was my life’s work. I regret my mistakes with every cell in my body.”

said the former CEO before the verdict was announced. Last September, Holmes was charged with 12 counts of fraud, of which he was found guilty of 4 at the beginning of the year, and the current verdict was based on them. However, the story does not end there, as the court will decide on the case of the former partner and business partner of the leader Ramsh Balwani only on December 7.

According to analysts, in addition to the changed economic situation, the story of Holmes and Theranos also played big startup fever has died down among investors, and they are now much more wary of the world-changing promises of newcomers who come out of nowhere. And the judgment itself can have a chilling effect on the other side, as Holmes’ example proved that even in the loosely regulated startup scene, you can’t get away with anything.

Am I more interested in IT? Here you can find our news and insights for IT and infocom decision makers


Leave a ReplyCancel reply

Exit mobile version