11/27/2023 0 Comments Elizabeth holmes venture capitalism![]() ![]() I am devastated by my failings.”Īlexis Keenan is a legal reporter for Yahoo Finance. They wanted to make a difference in the world. Minutes before learning her sentence, Holmes told the courtroom: "I stand before you taking responsibility for Theranos.I loved Theranos. "One thing that was missing from those letters.the letters did not say anything about, nor did they endorse, failure by fraud," Davila said. "Perhaps that is the cautionary tale that will go forward from this case."ĭavila also responded to letters from Holmes’ supporters who suggested that a long prison sentence was too harsh for an entrepreneur whose environment was one where investors understood their investments as high risk, considering it "normal" to lose 90% of their funds. ![]() “I suppose we step back and ask what is the pathology of fraud? Is it the refusal to accept responsibility or express contrition in any way?" he said at her sentencing. The judge who sentenced her, Davila, characterized Holmes’ legal battle - one of the most closely watched in Silicon Valley history - as one that could serve as a lesson for future founders. REUTERS/Carlos Barria 'I am devastated by my failings' ![]() Theranos founder Elizabeth Holmes arrives at the federal courthouse accompanied by her partner Billy Evans, in San Jose, California, U.S., March 17, 2023. Judge Davila jointly ordered Holmes and Balwani to repay their victims $452 million, an order that Holmes has appealed. Judge Davila sentenced Balwani to serve 12 years and 11 months in prison. Ironically, Theranos’s alleged improprieties suggest that the venture-capitalist system really worked this time. Tim Draper Timothy Cook Draper (born June 11, 1958) is an American venture capital investor, and founder of Draper Fisher Jurvetson (DFJ), 3 Draper University, Draper Venture Network, Draper Associates 4 and Draper Goren Holm. Holmes' former boyfriend and former Theranos president and COO, Ramesh “Sunny” Balwani, was tried before a separate San Jose jury for his role in defrauding investors and Theranos patients.īalwani's jury returned guilty verdicts on all 12 counts of fraud charged against him. Elizabeth Holmes at a Theranos lab facility in Newark. Each of her convictions allows for a sentence up to 20 years, along with $250,000 in fines for each count, plus restitution. sentencing guidelines permit for her four fraud convictions. Holmes’ prison sentence represents approximately 14% of the maximum allowable time of 80 years that the U.S. The appeals court similarly denied Holmes' request. He also denied Holmes’ request to remain free on bail while an appeal of her case plays out in the 9th Circuit Court of Appeals. San Jose federal district court judge Edward Davila, who presided over Holmes’ case, sentenced her to 11 years and three months in prison. She was acquitted on charges of defrauding Theranos patients. The 39-year-old Holmes was convicted in January last year on multiple counts of fraud. But on the stand, Holmes detailed the very comprehensive diligence process of Don Lucas, a legendary venture capitalist who eventually invested in Theranos and became its chairman. ![]()
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