Elizabeth Holmes trial: Federal prosecutors seek 15 years for fraud at Theranos

Federal prosecutors on Friday filed a briefing requesting the judge to issue sentencing CEO of Theranos Elizabeth Holmes has been in prison for 15 years for cheating investors out of hundreds of millions of dollars.

In the 46-page press conference, Assistant US Attorney Robert S. Leach attacked Holmes for choosing “lies, hype, and the potential to earn billions of dollars on patient safety and fairness.” Dealing with investors. ”

“Elizabeth Holmes’ crimes did not fail, she was a liar – a liar in the most serious context, where everyone needs her to tell the truth,” said Leach.

Prosecutors also called for Holmes to be paid more than $800 million in compensation for her role in the years-long scheme.

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“She tapped into her investors’ hopes that a young, vibrant entrepreneur would transform healthcare. She tapped into the credibility of her illustrious board of directors,” wrote Leach. “And by deceiving her, she gained incredible fame, a slave, and a fortune in the billions of dollars.”

Leach wrote that the health of actual patients was jeopardized by what Holmes had done.

He wrote: “While the money was running out, I went to market with an unproven and unreliable medical device.” When its lead scan developer quit with the launch of Theranos, she told the world eerily: ‘Having a promise to deliver to the customer, she doesn’t have much choice but to go ahead with the launch.’

Former Theranos CEO Elizabeth Holmes arrives in federal court in San Jose, California, Monday, October. 17, 2022. (AP Photo/Jeff Chiu/AP Newsroom)

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Holmes was convicted in January of three felony counts of electronic fraud and one felony of conspiracy to commit fraud.

Holmes’ lawyers submitted an 82-page document late Thursday calling for permissive sentence for no longer than 18 months, saying her reputation was permanently destroyed, making it a “cartoon that is ridiculed and vilified”. They also argue that Holmes poses no danger to the public and has no prior criminal history.

Prosecutors called the case “one of the most significant white-collar crimes that Silicon Valley or any other county has seen,” and prosecutors vehemently rejected defense attorneys’ descriptions that Holmes was an unfair victim, in part through media coverage.

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Holmes is due to appear for sentencing on November 3. 18 in federal court in San Jose, California before US District Judge Edward Davila. She faces up to 20 years in prison for each count.

The Associated Press contributed to this report.