US: Accused investors in the name of startup, Court sentenced to 11 years

Written by 78-NEWS TEAM

Elizabeth Holmes, the CEO of the American blood testing startup company Theranos, has been sentenced to 11 years in prison by a court in San Jose, California. American biotech star Elizabeth Holmes is accused of defrauding her investors. Let us know that Elizabeth’s startup company Theranos was shut down in 2018. The company promised to revolutionize the blood testing sector and duped investors in its name.

What is the whole matter?

Holmes, 38, was convicted in January after a three-month trial. Holmes started the startup company Therason in 2003. At the time, Holmes claimed that his company had created a blood analyzer that could be carried anywhere and easily performed blood tests. Apart from this, this startup has also claimed that all the diseases of the body can be easily detected after taking blood from the finger. After this claim, investors bet heavily on Holmes’ startup and secured a bumper investment. However, later all these things turned out to be false and the case went to court. The case dragged on for several years and was finally sentenced in January this year.

What did Elizabeth Holmes say?

Elizabeth Holmes founded Theranos in 2003 at the age of 19. Then he got a lot of applause in Silicon Valley. Holmes became the world’s youngest female billionaire in a very short time. Let us tell you that after hearing the prison sentence, Holmes hugged her husband Billy Evans and became emotional. Weeping in court, Holmes said he would have done things very differently if he had had the chance. I have disappointed many people. I feel ashamed for what people have to endure.

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