A stunning fall has come for the woman once valued at $4.5 billion dollars by Forbes in 2014. Elizabeth Holmes has now been sentenced to 11 Years (135 Months)..Theranos, which Holmes oversaw as CEO and claimed would transform healthcare, was valued at $9 billion at its height, making Holmes the youngest self-made woman to reach billionaire status. Holmes misled investors by claiming that Theranos' specialized blood analyzer could perform standard laboratory tests using only a few drops of blood from a finger stick, as opposed to much larger amounts obtained through regular venous draws..Additionally, Holmes misled potential investors by claiming that the diagnostics company's technology had received thorough validation from a number of top pharmaceutical firms and that the Department of Defense had sent its "Edison" testing gadget overseas to help treat injured soldiers. Moreover, Holmes touted Theranos as a profitable business..In addition to the prison sentence, restitution of $803 million dollars was ordered to be paid to those who lost their investments. Corporate giants like Walgreens and Safeway, Venture Capital managers along with their secretaries, and a plethora of other victims will be in line to receive what is now legally obligated to them. She will additionally owe upwards of $1 million dollars in fines for the fraud she committed.
A stunning fall has come for the woman once valued at $4.5 billion dollars by Forbes in 2014. Elizabeth Holmes has now been sentenced to 11 Years (135 Months)..Theranos, which Holmes oversaw as CEO and claimed would transform healthcare, was valued at $9 billion at its height, making Holmes the youngest self-made woman to reach billionaire status. Holmes misled investors by claiming that Theranos' specialized blood analyzer could perform standard laboratory tests using only a few drops of blood from a finger stick, as opposed to much larger amounts obtained through regular venous draws..Additionally, Holmes misled potential investors by claiming that the diagnostics company's technology had received thorough validation from a number of top pharmaceutical firms and that the Department of Defense had sent its "Edison" testing gadget overseas to help treat injured soldiers. Moreover, Holmes touted Theranos as a profitable business..In addition to the prison sentence, restitution of $803 million dollars was ordered to be paid to those who lost their investments. Corporate giants like Walgreens and Safeway, Venture Capital managers along with their secretaries, and a plethora of other victims will be in line to receive what is now legally obligated to them. She will additionally owe upwards of $1 million dollars in fines for the fraud she committed.
