According to The New York Times, the prosecuting party originally asked for a 15-year sentence alongside a restitution amount worth over $800 million to compensate investors that poured their money into the doomed health startup. The defense, however, urged for a more lenient sentencing that would entail house arrest for one-and-a-half years, citing her second pregnancy.
After hearing arguments from both sides, Davila ruled that the appropriate restitution amount should be $121 million divided across the purse of ten investors. At the peak of Theranos’ cult popularity, Holmes net worth reportedly crossed the $4 billion mark. Back then, she had claimed that Theranos’ blood testing tech had the backing of top pharmaceutical companies, but an investigation by The Wall Street Journal revealed that those claims were nothing but fabricated stories, leading to a ban on Theranos’ lab experiments.
Davila has ordered Holmes to surrender on April 27, 2023, adding that restitution formalities will be discussed during a hearing at a later date. Holmes now has two weeks to appeal the conviction, while her team preps for her bail so that she can stay out of prison during that spell. Holmes had previously requested punitive measures such as a maximum prison term of 18 months, paired with home arrest and community service.
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