Elizabeth Holmes, disgraced Theranos founder, to report to prison

Elizabeth Holmes, disgraced Theranos founder, to report to prison

Elizabeth Holmes, whose descent from tech visionary to convicted felon rocked Silicon Valley, is scheduled to report back to jail Tuesday to start a greater than 11-year sentence tied to her defunct blood-testing start-up.

For months, the Theranos founder sought to stay out of jail as she appealed her wire fraud conviction, arguing that she had been on good habits all through her trial and would have had no cause to flee, citing “sturdy ties” to her household, together with her two younger kids. However Choose Edward J. Davila, who oversaw the federal case, rejected that request in April. The ninth Circuit Courtroom of Appeals additionally rejected the request, and Holmes was ordered to report back to jail by 2 p.m. Might 30.

Davila had beforehand really helpful that Holmes serve her time at a federal jail camp in Bryan, Texas, about 100 miles outdoors of Houston.

Holmes’s downfall has been used as an allegory of the obvious “progress in any respect prices” mind-set throughout the tech neighborhood, at the same time as its members have sought to solid Holmes and Theranos as outliers.

Theranos founder Elizabeth Holmes goes to jail. Right here’s what to know.

Holmes based Theranos in 2003 whereas a pupil at Stanford College. She later dropped out, pouring her power into the blood-testing start-up and adopting a persona that included black turtle necks harking back to Apple founder Steve Jobs. Celebrated as a logo of a profitable feminine entrepreneur, Holmes’s internet value peaked at an estimated $4.5 billion in 2015.

However her popularity started to unravel greater than six years in the past when a Wall Road Journal investigation revealed a dysfunctional office and solid severe doubt on the corporate’s claims that it might run a mess of exams from only a couple drops of blood. Theranos shuttered in 2018 amid a number of regulatory and media investigations, and Holmes was charged in 2018 with wire fraud and conspiracy to commit wire fraud.

Holmes was convicted in January 2022 on 4 counts of wire fraud and conspiracy to commit wire fraud in opposition to traders. In a separate however comparable trial, Holmes’s former enterprise and romantic accomplice, Ramesh “Sunny” Balwani, was discovered responsible of 12 counts of conspiracy to commit wire fraud and wire fraud. He started serving a 13-year sentence April 20 at a federal correctional institute in San Pedro, Calif.

Elizabeth Holmes tried to flee U.S. after conviction, prosecutors allege

Shortly after Holmes’s conviction, prosecutors alleged that Holmes had tried to flee the nation after she purchased a ticket to Mexico.


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