Elizabeth Holmes, the founder of the Theranos company, was already sentenced to 11 years in prison.
Silicon Valley the founder of the blood test company Theranos, which collapsed from a pet to a disgrace of Elizabeth Holmes assistant and ex-boyfriend Ramesh Balwani has been sentenced to almost 13 years in prison in the United States.
In a fraud case that rocked the technology industry, Balwan was deemed to have misled investors and patients about the company’s dysfunctional testing technology. The sentence was even longer than Holmes, who was previously sentenced to 11 years in prison. Holmes has appealed his conviction.
HOLMES was considered for a long time the startup queen of Silicon Valley, who was praised in the media and respected in the business world. With the help of Theranos, she amassed such a large fortune that she became the youngest female billionaire of all time, with an estimated net worth of several billions. Theranos, on the other hand, was said to be worth as much as nine billion.
In 2015, the ambiguities of Holmes’ company became public when a Theranos employee said that the device developed by the company did not work as it should. Soon after that The Wall Street Journal -lehti reported that Theranos’ tests had been done with equipment from other companies.
Theranos markets testing technology that would determine, for example, cancer or diabetes from a few drops of blood taken from the fingertip of a patient.
Holmes raised hundreds of millions of dollars in funding and a huge fortune for his company, but it was eventually revealed to be a scam.
The test device named Edison didn’t actually work as it was supposed to. It also turned out that Theranos had done a large part of its tests with devices developed by other companies.
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