Elizabeth, who has been called the next Steve Jobs, is being punished for the biggest tech fraud in America. Elizabeth Holmes is being punished for defrauding investors after her start-up, which was once called a revolution in blood testing, failed.
First Published Nov 20, 2022, 5:08 AM IST
America’s youngest billionaire entrepreneur gets 11 years in prison for defrauding investors Elizabeth Holmes, founder and CEO of Silicon Valley startup Theranos, was sentenced to 11 years in prison at the age of 38. Elizabeth, who has been called the next Steve Jobs, is being punished for the biggest tech fraud in America.
Elizabeth Holmes is being punished for defrauding investors after her start-up, which was once called a revolution in blood testing, failed. Elizabeth invented the Edison machine. Elizabeth’s start-up, Theranos, claimed to be able to detect all diseases from cholesterol to cancer by testing a single drop of blood.
It included 240 tests. But the test results conducted by the company were found to be wrong. Elizabeth started her startup at the age of 19. The institution, which was started in 2003, was closed in 2018 after Elizabeth’s scandal came to light. The company’s fraud was brought to light in 2015 by the Wall Street Journal.
The prosecutor asked for a sentence of 15 years. But because Elizabeth was pregnant, it was reduced to 135 months. The court explained that Elizabeth defrauded investors big and small in the name of the fraudulent company for over a decade. Elizabeth cleverly courted investors including Wal-Mart. The court has asked Elizabeth to surrender by April 27, 2023. The court in San Jose sentenced Elizabeth on Friday.
Last Updated Nov 20, 2022, 5:16 AM IST
Download App:
