Mr. Oan Brooke Mallory
2:23pm – Tuesday, May 30, 2023
Elizabeth Holmes, the disgraced founder of the ill-fated blood-testing startup Theranos, was forced to appear in prison to serve a sentence on Tuesday, admitting her fall from success.
Holmes was sentenced to at least 11 years in prison last November after being found guilty of defrauding investors while running the now-defunct company.
An appeals court earlier this month denied her bail request to pursue a lawsuit to overturn her conviction.Holmes was required to appear in prison by May 30.th To finish her sentence, according to Judge Edward Davila, who presided over her trial.
Holmes arrived Tuesday at Bryan Camp (FPC Bryan), a minimum security federal prison in southern Texas, about 160 miles from Houston.
“We can confirm that Elizabeth Holmes has arrived at the Bryan Internment Facility in Bryan, Texas and is in custody with the Federal Bureau of Prisons,” a Prisons Service spokesperson said.
Her ex-lover, Ramesh “Sunny” Balwani, former chief operating officer of Theranos, was also convicted of fraud and sent to a California prison last month to begin serving time.
Once upon a time, Holmes was revered in the tech industry and served as a symbol of Silicon Valley’s limitless possibilities and aspirations. She and Balwani are now known as high-profile tech executives who were tried and convicted of fraud.
Holmes, a 19-year-old Stanford dropout, was the main focus of Theranos, which claims to have developed a technology that can reliably test for a variety of diseases with just a few drops of blood. In its heyday, Theranos was highly regarded. For $9 billion, it raised $945 million from a group of prominent investors, making Holmes a de facto billionaire.
She graced the covers of numerous magazines and made street speeches in a black turtleneck that resembled the late Apple CEO Steve Jobs.
Her business collapsed in 2015 after a Wall Street Journal investigation found that Theranos had performed only a few of the hundreds of tests she offered using patented technology, and of questionable accuracy. started. Additionally, it was discovered that Theranos was not using its own technology, but a device manufactured by a third party for its traditional blood testing business.
Theranos eventually closed in September 2018.
Nearly five years ago, Holmes and Balwani had already been charged with the same 12 felonies. However, their lawsuit was dropped after Holmes made it clear that he wanted to sue Balwani for physically, emotionally and mentally assaulting her over the course of their ten-year relationship, during the time she was CEO of the company. coincided with
Barwani’s lawyers categorically refuted her allegations of abuse.
U.S. District Judge Edward Davila earlier this month ordered Holmes and Balwani to pay victims a total of about $452 million.
In November, Holmes gave a tearful speech in a courtroom in San Jose, Calif., before the verdict was revealed.
“I loved Theranos. It was my life’s work,” she said. “The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failure.”
She went on to express her regrets to Theranos staff, investors and customers.
“I’m so, so sorry. I built the company and did everything I could to save it…I regret my failures in every cell of my body,” Holmes insisted.
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https://www.oann.com/newsroom/elizabeth-holmes-begins-11-year-prison-sentence/?utm_source=rss&utm_medium=rss&utm_campaign=elizabeth-holmes-begins-11-year-prison-sentence Elizabeth Holmes Sentenced to 11 Years in Prison – One America News Network