San Francisco: Elizabeth Holmes, the founder of US-based blood-testing company Theranos, on Friday faced sentencing after being found guilty of defrauding investors and endangering patients.
According to The Wall Street Journal, a federal jury convicted the Theranos founder on four of 11 charges.
Holmes was convicted for persuading investors that she had developed a revolutionary medical device before the company flamed out after an investigation.
US government lawyers who prosecuted Holmes have asked for a 15-year prison sentence, a three-year supervised release, and more than $800 million in repayment, according to the report.
Holmes became a star of Silicon Valley when she announced her now-defunct company was developing an easy-to-use blood test kit that could provide a wide range of medical diagnoses.
She persuaded investors that her invention would revolutionise medical practice by replacing expensive lab tests with her low-cost kits.
Her claims helped Theranos in raising nearly a billion dollars without ever generating meaningful revenue, said the report.
Lawyers for Holmes have asked for leniency, portraying her as a caring friend with a young child and a second child on the way.
This is supported by 140 letters of support submitted to the court, including those from her family, friends, and a US Senator.
“I am confident that on the other side of this, Elizabeth will do amazing things for society with her talents and boundless passion for changing the world for the better,” said one letter.
Moreover, Holmes’ ex-boyfriend and Theranos’ former president, Ramesh “Sunny” Balwani, is scheduled to be sentenced next month after being convicted on 12 counts of fraud against investors and patients, the report added.
–IANS
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