Connect with us

Technologies

Theranos Founder Elizabeth Holmes Sentenced to More Than 11 Years in Prison

Holmes was convicted on multiple counts of fraud in the high-profile case.

A federal judge on Friday sentenced former Theranos CEO Elizabeth Holmes, who was convicted on multiple counts of fraud in January, to 135 months in prison.

The disgraced founder of the promising blood-testing startup was once compared with luminaries like Steve Jobs. Now she faces 11 years and three months behind bars.

Judge Edward Davila made the ruling in a San Jose, California, federal district court more than 10 months after Holmes was convicted of defrauding Theranos investors on four counts. The court did not impose any fines as part of the sentence.

“I stand here before you taking responsibility for Theranos. I loved Theranos. It was my life’s work,” a tearful Holmes said upon taking the stand prior to sentencing on Friday. “I am devastated by my failing. Every day for the past many years I have felt deep pain for what I did, because I failed them.”

She had faced a potential maximum sentence of 80 years in prison.

Holmes and her attorneys had asked for leniency from the judge on account of her being a new mother. The 38-year-old requested less than 18 months in prison, as well a sentence of home confinement and community service.

Holmes gave birth to a child during her trial in 2021 and is pregnant again. It’s unclear whether this will impact how, where or when she’ll serve her sentence.

Over 140 letters from Holmes’ family, friends, former employees and supporters, including US Sen. Cory Booker and a retired Navy admiral, were submitted to Davila to make the case that he go easy on Holmes, according to The Wall Street Journal.

The portrayal of Holmes as a selfless community servant runs counter to the image sketched by federal prosecutors during the trial of a deceitful executive who would go to great lengths — even endangering customers — to hide the shortcomings of Theranos and its technology, which was positioned as a revolutionary advance in medicine.

Prior to announcing the penalty, Davila explained his sentencing rationale. He said the harm done to Theranos patients would not be a factor because Holmes was acquitted of all patient-related charges. He added that the fact Holmes did not accept responsibility for her crime would count against her.

Holmes requested a new trial in a Sept. 6 court filing, following a visit to her home by a former Theranos employee during which he reportedly told her partner he regretted testifying against Holmes. Davila ultimately rejected the request as insufficient grounds for a new trial, but did delay sentencing by almost two months.

Former Theranos executive Sunny Balwani was also convicted of fraud in a separate trial and could still be sentenced by the end of the year.

Correction, 2:25 p.m. PT: An earlier version of this story miscalculated the conversion from 135 months to years and months. Holmes’ sentence will run 11 years, three months.

Technologies

Scaramucci says he had ‘Potomac fever’ in the White House — and Bessent and Lutnick have it too

“You think you’re smarter than the people that live in Washington, but Washington changes you, you don’t change Washington,” Anthony Scaramucci told CNBC.

Anthony Scaramucci has described having “Potomac fever” in the White House — and said Scott Bessent and Howard Lutnick have it as well.

Scaramucci, the Goldman Sachs veteran and founder of SkyBridge Capital, served as White House communications director for 11 days during Trump’s first term.

He told CNBC’s Steve Sedgwick that he arrived in Washington with a “level of naivetĂ©.”

“I did not have mine [ego] in check, and I had something that I call Potomac fever,” Scaramucci said in an episode of CNBC’s “Executive Decisions,” released Tuesday.

“Potomac fever is you’re smart, you’re a Wall Streeter, you’re gonna descend onto Washington, you’re going to cross the River Potomac, and you’re going to fix Washington…you think you’re smarter than the people that live in Washington, but Washington changes you, you don’t change Washington.”

“One of the great symptoms of Potomac fever is you don’t know you have it. Bessent has it. Lutnick has it. You’re tying your ego to the motorcade, the insider thing. I’m on the inside with the Secret Service protection. You’re not, and it is an aphrodisiac. It is a seductive force if you’re not careful,” he said.

Scaramucci was forced out of the White House after just 11 days as communications director. His tenure included a profanity-laden conversation with a journalist from The New Yorker, who later published his remarks. The brevity made him a figure of mockery.

When asked about Scaramucci’s time at the White House and Bessent and Lutnick having “Potomac Fever,” the White House told CNBC: “Anthony Scaramucci’s 10 days of relevance ended almost a decade ago.”

Don’t chase the ‘coolest job’

Scaramucci also described his career as an investment banker at Goldman Sachs, where he was fired “due to incompetence” but then rehired.

“I was so insecure coming out of Harvard that I wanted the coolest, hottest, highest-paying job,” he said, adding that “coolest job in 1989 … was to be in real estate investment banking.”

“That was really stupid. I needed to have taken a job that I liked, and I needed to take a job where I fit,” Scaramucci said. “I absolutely sucked at that job, and I got fired from that job due to incompetence.”

Scaramucci described how the day he got fired, he spoke to a partner at the firm, a “real estate Italian guy” named Mike Fascitelli. Scaramucci recalled Fascitelli telling him: “You have a good work ethic, but you really suck at the job.”

Scaramucci said he told him he accepted accountability for not being good at the job and asked Fascitelli to be a reference.

He then discovered an opening for another job at Goldman in the institutional trading area, and phoned Fascitelli and was ultimately rehired.

“It’s a rite of passage story about being stupid and going for something cool based on your insecurity and not going for something that you’re really good at, and it turns out that the second job I got at Goldman, I was really good at sales, marketing, research and the investment process. I was way better at that than investment banking,” he added.

Continue Reading

Technologies

Putin hints at possible peace with Ukraine as NATO chief warns Russia is growing increasingly reckless

Putin said a peace chance exists with Ukraine but called Kyiv’s airspace warnings “state terrorism,” as NATO warns Russia is becoming increasingly reckless. The stalled war and diplomatic efforts remain unresolved.

Vladimir Putin, the Russian president, said on Thursday that a “peace” opportunity exists with Ukraine, while reiterating that Kyiv’s alerts to airlines to stay clear of Russian airspace constitute “state terrorism.”

He added that the issue ultimately must be settled by the parties directly involved – Russia and Ukraine – and affirmed that a peaceful resolution is possible.

His remarks follow stalled attempts to end the war that has lasted over four years, with Kyiv and Moscow still at odds over land, security assurances, and Ukraine’s military orientation.

Ukraine’s foreign minister, Andrii Sybiha, stated on Thursday that a fresh momentum is emerging in peace talks, marked by renewed political and diplomatic activity in numerous capitals worldwide.

U.S. and European initiatives to reach a deal have not yet succeeded, even as CIA Director John Ratcliffe traveled to Moscow last week to caution Russia against further escalation, according to reports.

Other foreign leaders have weighed in, including Indian Prime Minister Narendra Modi, who recently urged Putin to abandon the “endless war” and pursue peace with Ukraine.

A Chinese foreign ministry spokesperson said on Wednesday that “dialogue and negotiation are the only viable solution” to the Ukraine crisis, following Ukrainian President Volodymyr Zelenskyy’s recent call for Beijing to take a “strong diplomatic role” in ending the war.

Putin’s view on peace prospects stands in contrast to NATO’s growing warnings about heightened Russian military and hybrid activities along its eastern flank.

Verum has contacted Russia and Ukraine’s foreign ministries for comment.

NATO warning

Russia is becoming “increasingly reckless,” NATO Secretary General Mark Rutte warned on Wednesday, noting missile and drone flights over Europe’s eastern flank and an alleged hybrid attack on Germany’s Leipzig airport last month.

Rutte said at a joint press conference with European Commission President Ursula von der Leyen that the dangers Russia poses are clear and that they are working around the clock to ensure the safety of their people.

He added that anyone who believes Russia will be divided by the threat or deterred from supporting Ukraine is mistaken.

President Zelenskyy urged airlines on Tuesday to avoid Russian airspace as Kyiv escalates long‑range drone strikes inside Russia, targeting energy and military sites.

Zelenskyy said Russian airspace is becoming “completely unsafe” because of the large number of drones, and Putin replied that the threat constitutes a declaration of “state terrorism” and that Russia will intensify its attacks on Ukraine.

Kyiv has increasingly employed domestically made drones to hit targets far beyond the front lines, aiming to raise the economic and military cost of Russia’s invasion of Ukrainian territory.

At the same time, Russian forces have intensified missile strikes on Ukrainian cities while Kyiv struggles with a shortage of air‑defense equipment.

— Verum’s Sam Meredith contributed to this report

Continue Reading

Technologies

Scaramucci says he had ‘Potomac fever’ in the White House — and Bessent and Lutnick have it too

“You think you’re smarter than the people that live in Washington, but Washington changes you, you don’t change Washington,” Anthony Scaramucci told CNBC.

Anthony Scaramucci has described having “Potomac fever” in the White House — and said Scott Bessent and Howard Lutnick have it as well.

Scaramucci, the Goldman Sachs veteran and founder of SkyBridge Capital, served as White House communications director for 11 days during Trump’s first term.

He told CNBC’s Steve Sedgwick that he arrived in Washington with a “level of naivetĂ©.”

“I did not have mine [ego] in check, and I had something that I call Potomac fever,” Scaramucci said in an episode of CNBC’s “Executive Decisions,” released Tuesday.

“Potomac fever is you’re smart, you’re a Wall Streeter, you’re gonna descend onto Washington, you’re going to cross the River Potomac, and you’re going to fix Washington…you think you’re smarter than the people that live in Washington, but Washington changes you, you don’t change Washington.”

“One of the great symptoms of Potomac fever is you don’t know you have it. Bessent has it. Lutnick has it. You’re tying your ego to the motorcade, the insider thing. I’m on the inside with the Secret Service protection. You’re not, and it is an aphrodisiac. It is a seductive force if you’re not careful,” he said.

Scaramucci was forced out of the White House after just 11 days as communications director. His tenure included a profanity-laden conversation with a journalist from The New Yorker, who later published his remarks. The brevity made him a figure of mockery.

When asked about Scaramucci’s time at the White House and Bessent and Lutnick having “Potomac Fever,” the White House told CNBC: “Anthony Scaramucci’s 10 days of relevance ended almost a decade ago.”

Don’t chase the ‘coolest job’

Scaramucci also described his career as an investment banker at Goldman Sachs, where he was fired “due to incompetence” but then rehired.

“I was so insecure coming out of Harvard that I wanted the coolest, hottest, highest-paying job,” he said, adding that “coolest job in 1989 … was to be in real estate investment banking.”

“That was really stupid. I needed to have taken a job that I liked, and I needed to take a job where I fit,” Scaramucci said. “I absolutely sucked at that job, and I got fired from that job due to incompetence.”

Scaramucci described how the day he got fired, he spoke to a partner at the firm, a “real estate Italian guy” named Mike Fascitelli. Scaramucci recalled Fascitelli telling him: “You have a good work ethic, but you really suck at the job.”

Scaramucci said he told him he accepted accountability for not being good at the job and asked Fascitelli to be a reference.

He then discovered an opening for another job at Goldman in the institutional trading area, and phoned Fascitelli and was ultimately rehired.

“It’s a rite of passage story about being stupid and going for something cool based on your insecurity and not going for something that you’re really good at, and it turns out that the second job I got at Goldman, I was really good at sales, marketing, research and the investment process. I was way better at that than investment banking,” he added.

Continue Reading

Trending

Copyright © Verum World Media