Elizabeth A. Holmes, Theranos Blood Testing Fraud, California 2023

Theranos founder Elizabeth A. Holmes was sentenced to 11 years, 3 months in federal prison for defrauding investors in Theranos of hundreds of millions of dollars.

According to the U.S. Attorney's Office, Holmes was convicted in a separate trial for her role in the Theranos blood testing company, which was based in Palo Alto and Newark, Calif.

Her co-defendant, Ramesh 'Sunny' Balwani, was sentenced to 12 years, 11 months in federal prison for fraud that risked patient health by misrepresenting the accuracy of Theranos blood analysis technology and that defrauded Theranos investors.

The prosecutions were the result of outstanding work by Assistant U.S. Attorneys Robert S. Leach, Kelly I. Volkar, John C. Bostic, and Jeffrey D. Nedrow, as well as the Federal Bureau of Investigation, the U.S. Postal Inspections Service, and the U.S. Food and Drug Administration's Office of Criminal Investigations.

Theranos, Inc., a now-defunct blood testing company, was the subject of the fraud scheme. The company's founder, Elizabeth A. Holmes, was sentenced on September 13, 2022 for defrauding investors of hundreds of millions of dollars.

Defendant Elizabeth A. Holmes, the founder of Theranos, Inc., was convicted of fraud in connection with the now-defunct blood testing company. The exact criminal charges include defrauding investors of hundreds of millions of dollars and misrepresenting the accuracy of Theranos blood analysis technology.

Source: https://www.justice.gov/usao-ndca/pr/attorney-general-merrick-b-garland-honors-local-attorneys-part-2023-attorney-generals