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By Staff Reporters
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Elizabeth Holmes, the founder and former CEO of the doomed medical startup firm Theranos, has been sentenced to 11.25 years in prison for her role in defrauding investors and consumers about the potential of her company’s blood-testing device.
Holmes’ sentence will be followed by three years of supervised release. She will be required to self-surrender at a later date, according to NBC.
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U.S. equities ended the day higher and the week mostly lower in a choppy trading session, as investors digested mixed corporate results and some disappointing economic data. Earnings were in focus with the season coming to a close, as Applied Materials handily beat the Street’s forecasts and upped its guidance, Gap posted a profit on the back of a tax benefit, making it unclear if it is comparable to forecasts, and Williams-Sonoma saw record earnings growth but fell short of predictions.
Economic reports were lackluster, as existing home sales slumped amid the persistent rise in interest rates, and the Leading Economic Index tumbled double what was expected.
Treasury yields rose following the economic data, as did the U.S. dollar, while crude oil and gold prices declined.
European stocks were higher despite geopolitical tensions remaining, and as the markets continued to digest the U.K. budget announcement. Markets in Asia finished out a volatile week mixed in a quiet trading session.
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Filed under: Alerts Sign-Up, Ethics, iMBA, Inc., Investing | Tagged: Elizabeth Holmes, stocks, stocks rise, Theranos |
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Elizabeth Holmes accused of trying to flee the US.
Prosecutors claim the Theranos founder booked a one-way ticket to Mexico after being convicted of fraud, and shows “no remorse” for pretending her company had a revolutionary product that worked when it … didn’t.
They’re arguing that Holmes should report to prison in April rather than being allowed to continue living on an estate that reportedly costs $13,000 a month for upkeep while she appeals.
Ellen
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