The names Elizabeth Holmes and her billion-dollar start-up&nbsp;Theranos have been making headlines since 2013,&nbsp;initially for all good reasons, but not so much over the years. The 39-year-old founder of the failed blood-testing company, Holmes,&nbsp;once a billionaire in Silicon Valley,&nbsp;reported to a Texas minimum-security federal prison, on Tuesday (May 30), which will be her home for the next 11 years.&nbsp;

Here’s all you need to know about the rise and fall of Theranos and its founder:&nbsp;

<h2>The rise of Theranos</h2>

Founded in 2003 by Elizabth Holmes, a 19-year-old Stanford dropout, Theranos was a privately held healthcare technology company which promised to revolutionise the blood-testing industry. The name of the company was a combination of the words “therapy” and “diagnosis.”

Theranos claimed to have designed a device to draw, retain, and analyse a “few” droplets of blood from a patient’s fingertip to detect a multitude of diseases and conditions, including cancer and high cholesterol. Over the years, Theranos, based on its claims, was able to raise millions of dollars in capital from venture capitalists and private investors.&nbsp;

According to reports, Holmes had told her professor Dr Phyllis Gardner at Stanford University when she first came up with the idea. The professor called it ambitious but also impossible,&nbsp;but this did not stop the then-19-year-old from launching the company which she would lie about the capabilities of for years to come.&nbsp;

In 2013, a decade after Holmes had launched the start-up, it garnered more recognition than ever after it struck a deal with the second-largest pharmacy store chain in the US, Walgreens. This also led to the opening of the first Theranos Wellness Center at a Walgreens in Palo Alto, California where consumers could access the company’s blood test. At its peak, in 2015 Theranos was valued at nearly $10 billion.&nbsp;

It was not until 2015 that the US Food and Drug Administration (FDA) cleared the company to use its proprietary tiny blood-collection vials to finger stick blood tests for herpes simplex 1 virus. Notably, this would be the first and only approval that the company would receive for a diagnostic test.

The Theranos founder and CEO was named Forbes’ youngest self-made woman billionaire in 2014 and thanks to her 50 per cent stake in the start-up her personal wealth was valued at $4.5 billion.&nbsp;

By 2018, the company had raised more than $700 million but Holmes said that she would take the investors’ money on the condition that she would not be obligated to reveal how Theranos’ technology worked.&nbsp;

<h2>What did the billion-dollar start-up do?</h2>

Theranos’ downfall began with a series of explosive reports by the American newspaper Wall Street Journal starting in 2015 which said that the company relied on other blood machines instead of their own device, Edison.&nbsp;

It also noted that Theranos’ proprietary technique was being used in some 240 tests it performs while others were done by traditional vials of blood drawn from the arm as opposed to the “few drops” of blood by a finger prick. Some patients also reported receiving inaccurate diagnoses with the device.&nbsp;

Meanwhile, Holmes, who had borrowed the supposed obsession of secrecy about the technology from her Silicon Valley idol Steve Jobs, was forced to defend the testing practices and called the WSJ’s report “factually and scientifically erroneous.” She also expressed shock over the article and claimed that Theranos supplied over 1,000 pages of documentation to refute the allegations.

<h2>The fallout</h2>

The American newspaper asserted its claims and in a follow-up article, a day later, said Theranos was forced to halt the use of its unapproved device for all but one type which was the herpes test, approved by the FDA. In October 2015, the FDA released two heavily redacted reports which included over a dozen concerns and called Theranos’ proprietary vial an “uncleared medical device.”&nbsp;

The WSJ published another article, later that year, which alleged that there are gaps in management and strategies at Theranos and accused the company of rigging tests to produce better results for the Edison machines.&nbsp;

This was also around the time when Holmes had reportedly removed former Presidential cabinet members Henry Kissinger and George Shultz as the company’s directors as well as established a separate medical board.

Amid criticism, Safeway, an American supermarket chain which invested $350 million into offering Theranos blood tests, also pulled out of the deal. Reports suggest that Safeway executives were also sceptical of the validity of the test results given by Theranos.

However, that was just the beginning of Holmes’ problems, as the real fallout began when the Centers for Medicare and Medicaid Services released a damning report in 2016 which said that the company’s California lab has failed to comply with federal standards. It also noted that patients are in “immediate jeopardy,” and gave Theranos 10 days to address the issues.&nbsp;

This prompted Walgreens to stop sending lab tests to Theranos’ California lab for analysis and suspended its services in Palo Alto and eventually closed 40 Theranos Wellness Centers at Walgreens across Arizona. At the time, the company also came under investigation by the Securities and Exchange Commission (SEC).&nbsp;

<h2>Closure of Theranos&nbsp;</h2>

By May 2016, Theranos executive and Holmes’ business partner Ramesh “Sunny” Balwani had left the company. It was around the same time that Holmes was attempting to deal with the fallout and the WSJ reported that Theranos moved to void two years of blood test results from its proprietary testing devices and correct tens of thousands of blood test reports.&nbsp;

In the same year, after losing the Walgreens deal Forbes revised Holmes’ over $4 billion dollar to $0 and lowered Theranos’ valuation from $9 billion to $800 million. Holmes had also been banned from running a blood-testing lab for two years by CMS. In 2018, the SEC charged Holmes and Balwani with “massive fraud”.

<h2>Balwani, Holmes sentenced for fraud</h2>

Starting in late 2016 Theranos had broadly dissolved amid multiple lawsuits and finally ceased operations in September 2018. SEC ordered Holmes to pay a $500,000 fine and relinquish all of her shares in the company. In June 2018, both Balwani, Holmes’ former romantic and business partner, and the Theranos founder were indicted.&nbsp;

During the trial, Holmes tried to blame others including Balwani for the failure of the company but admitted making mistakes while also denying committing crimes. She also went on to claim that Balwani, Theranos’ former COO was sexually and emotionally abusive which Holmes said clouded her thinking.&nbsp;

However, Balwani’s attorney steadfastly denied these allegations. Currently, the 57-year-old former COO who was charged with two counts of conspiracy and 10 counts of fraud, late last year, and sentenced to nearly 13 years imprisonment is spending his days in a Southern California prison.

Meanwhile, Holmes, on Tuesday, moved&nbsp;into the Federal Prison Camp Bryan, Texas is sentenced to spend the next 11 years there for four counts of defrauding investors. Both Balwani and Holmes have also been ordered to pay $452,047,268 to the involved investors, reported Forbes.&nbsp;

(With inputs from agencies) 
 
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The names Elizabeth Holmes and her billion-dollar start-up Theranos have been making headlines since 2013, initially for all good reasons, but not so much over the years.

The names Elizabeth Holmes and her billion-dollar start-up Theranos have been making headlines since 2013, initially for all good reasons, but not so much over the years. The 39-year-old founder of the failed blood-testing company, Holmes, once a billionaire in Silicon Valley, reported to a Texas minimum-security federal prison, on Tuesday (May 30), which will be her home for the next 11 years. Here’s all you need to know about the rise and fall of Theranos and its founder: The rise of Theranos Founded in 2003 by Elizabth Holmes, a 19-year-old Stanford dropout, Theranos was a privately held healthcare technology company which promised to revolutionise the blood-testing industry. The name of the company was a combination of the words “therapy” and “diagnosis.” Theranos claimed to have designed a device to draw, retain, and analyse a “few” droplets of blood from a patient’s fingertip to detect a multitude of diseases and conditions, including cancer and high cholesterol. Over the years, Theranos, based on its claims, was able to raise millions of dollars in capital from venture capitalists and private investors. According to reports, Holmes had told her professor Dr Phyllis Gardner at Stanford University when she first came up with the idea. The professor called it ambitious but also impossible, but this did not stop the then-19-year-old from launching the company which she would lie about the capabilities of for years to come. In 2013, a decade after Holmes had launched the start-up, it garnered more recognition than ever after it struck a deal with the second-largest pharmacy store chain in the US, Walgreens. This also led to the opening of the first Theranos Wellness Center at a Walgreens in Palo Alto, California where consumers could access the company’s blood test. At its peak, in 2015 Theranos was valued at nearly $10 billion. It was not until 2015 that the US Food and Drug Administration (FDA) cleared the company to use its proprietary tiny blood-collection vials to finger stick blood tests for herpes simplex 1 virus. Notably, this would be the first and only approval that the company would receive for a diagnostic test. The Theranos founder and CEO was named Forbes’ youngest self-made woman billionaire in 2014 and thanks to her 50 per cent stake in the start-up her personal wealth was valued at $4.5 billion. By 2018, the company had raised more than $700 million but Holmes said that she would take the investors’ money on the condition that she would not be obligated to reveal how Theranos’ technology worked. What did the billion-dollar start-up do? Theranos’ downfall began with a series of explosive reports by the American newspaper Wall Street Journal starting in 2015 which said that the company relied on other blood machines instead of their own device, Edison. It also noted that Theranos’ proprietary technique was being used in some 240 tests it performs while others were done by traditional vials of blood drawn from the arm as opposed to the “few drops” of blood by a finger prick. Some patients also reported receiving inaccurate diagnoses with the device. Meanwhile, Holmes, who had borrowed the supposed obsession of secrecy about the technology from her Silicon Valley idol Steve Jobs, was forced to defend the testing practices and called the WSJ’s report “factually and scientifically erroneous.” She also expressed shock over the article and claimed that Theranos supplied over 1,000 pages of documentation to refute the allegations. The fallout The American newspaper asserted its claims and in a follow-up article, a day later, said Theranos was forced to halt the use of its unapproved device for all but one type which was the herpes test, approved by the FDA. In October 2015, the FDA released two heavily redacted reports which included over a dozen concerns and called Theranos’ proprietary vial an “uncleared medical device.” The WSJ published another article, later that year, which alleged that there are gaps in management and strategies at Theranos and accused the company of rigging tests to produce better results for the Edison machines. This was also around the time when Holmes had reportedly removed former Presidential cabinet members Henry Kissinger and George Shultz as the company’s directors as well as established a separate medical board. Amid criticism, Safeway, an American supermarket chain which invested $350 million into offering Theranos blood tests, also pulled out of the deal. Reports suggest that Safeway executives were also sceptical of the validity of the test results given by Theranos. However, that was just the beginning of Holmes’ problems, as the real fallout began when the Centers for Medicare and Medicaid Services released a damning report in 2016 which said that the company’s California lab has failed to comply with federal standards. It also noted that patients are in “immediate jeopardy,” and gave Theranos 10 days to address the issues. This prompted Walgreens to stop sending lab tests to Theranos’ California lab for analysis and suspended its services in Palo Alto and eventually closed 40 Theranos Wellness Centers at Walgreens across Arizona. At the time, the company also came under investigation by the Securities and Exchange Commission (SEC). Closure of Theranos By May 2016, Theranos executive and Holmes’ business partner Ramesh “Sunny” Balwani had left the company. It was around the same time that Holmes was attempting to deal with the fallout and the WSJ reported that Theranos moved to void two years of blood test results from its proprietary testing devices and correct tens of thousands of blood test reports. In the same year, after losing the Walgreens deal Forbes revised Holmes’ over $4 billion dollar to $0 and lowered Theranos’ valuation from $9 billion to $800 million. Holmes had also been banned from running a blood-testing lab for two years by CMS. In 2018, the SEC charged Holmes and Balwani with “massive fraud”. Balwani, Holmes sentenced for fraud Starting in late 2016 Theranos had broadly dissolved amid multiple lawsuits and finally ceased operations in September 2018. SEC ordered Holmes to pay a $500,000 fine and relinquish all of her shares in the company. In June 2018, both Balwani, Holmes’ former romantic and business partner, and the Theranos founder were indicted. During the trial, Holmes tried to blame others including Balwani for the failure of the company but admitted making mistakes while also denying committing crimes. She also went on to claim that Balwani, Theranos’ former COO was sexually and emotionally abusive which Holmes said clouded her thinking. However, Balwani’s attorney steadfastly denied these allegations. Currently, the 57-year-old former COO who was charged with two counts of conspiracy and 10 counts of fraud, late last year, and sentenced to nearly 13 years imprisonment is spending his days in a Southern California prison. Meanwhile, Holmes, on Tuesday, moved into the Federal Prison Camp Bryan, Texas is sentenced to spend the next 11 years there for four counts of defrauding investors. Both Balwani and Holmes have also been ordered to pay $452,047,268 to the involved investors, reported Forbes. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. 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Explained: Theranos founder Elizabeth Holmes heads to prison. What was the blood-testing scam?

Founder and CEO of Theranos, Elizabeth Holmes has been sentenced to 11 years in prison for defrauding investors. After losing the bid of staying out of prison due to lack of compelling evidence to be out on bail, Holmes is scheduled to go to prison on 27 April 2023. While in a different trial, the former CEO of Theranos, Ramesh Balwani has been sentenced to 12 years and 11 months in prison.

Theranos founder Elizabeth Holmes begins serving prison sentence

Theranos founder Elizabeth Holmes reached the federal prison on Tuesday to start her 11-year sentence. 39-year-old Holmes was last year convicted on four counts of fraud related to her failed blood testing start-up.

In mid-May, a request for bail made by Holmes was rejected by a court while they considered a challenge filed against the original conviction.&nbsp;

The founder will be serving her prison sentence in a minimum-security prison in Texas.&nbsp;

Holmes reached the federal facility in Bryan, Texas on Tuesday. The prison currently has around 500 and 700 inmates. The prison is located about 100 miles (160km) north of Houston, which is her hometown.&nbsp;

The Federal Bureau of Prisons confirmed her arrival at the facility, which refused to give any more details about Holmes' imprisonment, citing privacy concerns.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-theranos-founder-elizabeth-holmes-heads-to-prison-what-was-the-scam-all-about-598509">Explained: Theranos founder Elizabeth Holmes heads to prison. What was the blood-testing scam about?</a>

In the prison, Holmes,&nbsp;who was once considered as the youngest self-made billionaire in the world, may have to work alongside other prison inmates for earning a mere 12 cents (10p) and $1.15 (93p) an hour. A large amount of money earned by Holmes in prison will go towards her court-mandated restitution payments.

<h2>Holmes' partner serves prison sentence</h2>

Earlier in May, &nbsp;Holmes and her former romantic and business partner, ex-Theranos boss Ramesh 'Sunny'&nbsp;Balwani were ordered by a US judge to pay $452 million to victims.

Balwani has been serving 13-year imprisonment in California for the role he played in the scam.&nbsp;

The pair together have been accused of duping some of the most prominent and richest investors of the world,&nbsp;which includes media tycoon Rupert Murdoch and former US Treasury Secretary George Shultz,&nbsp;who had backed Theranos.

The firm, which was once valued at $9 billion, had promised to be possessing the technology which can detect health conditions like diabetes with just a few drops of blood. However, the technology never came to work. Finally, the company collapsed in 2018.&nbsp;

<h2>Texas prison camp&nbsp;</h2>

The Texas prison camp, where Holmes has been imprisoned, is a sprawling 37-acre facility. Most inmates in the prison have been convicted for low-level drug dealing, non-violent crimes or white-collar offences.

WATCH |&nbsp;Theranos founder Elizabeth Holmes sentenced to 11 years in prison for defrauding investors

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According to the handbook of the facility, a prisoner is generally busy with work and extracurricular activities which include foreign language, computer literacy or business courses.

Holmes had made all possible efforts to stay out of prison. She had stated that a delay would permit her to raise "substantial questions" about the case which could warrant a new trial.

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Theranos founder Elizabeth Holmes reached the federal prison on Tuesday to start her 11-year sentence. 39-year-old Holmes was last year convicted on four counts of fraud related to her failed blood testing start-up.

Theranos founder Elizabeth Holmes reached the federal prison on Tuesday to start her 11-year sentence. 39-year-old Holmes was last year convicted on four counts of fraud related to her failed blood testing start-up. In mid-May, a request for bail made by Holmes was rejected by a court while they considered a challenge filed against the original conviction. The founder will be serving her prison sentence in a minimum-security prison in Texas. Holmes reached the federal facility in Bryan, Texas on Tuesday. The prison currently has around 500 and 700 inmates. The prison is located about 100 miles (160km) north of Houston, which is her hometown. The Federal Bureau of Prisons confirmed her arrival at the facility, which refused to give any more details about Holmes' imprisonment, citing privacy concerns. ALSO READ | Explained: Theranos founder Elizabeth Holmes heads to prison. What was the blood-testing scam about? In the prison, Holmes, who was once considered as the youngest self-made billionaire in the world, may have to work alongside other prison inmates for earning a mere 12 cents (10p) and $1.15 (93p) an hour. A large amount of money earned by Holmes in prison will go towards her court-mandated restitution payments. Holmes' partner serves prison sentence Earlier in May, Holmes and her former romantic and business partner, ex-Theranos boss Ramesh 'Sunny' Balwani were ordered by a US judge to pay $452 million to victims. Balwani has been serving 13-year imprisonment in California for the role he played in the scam. The pair together have been accused of duping some of the most prominent and richest investors of the world, which includes media tycoon Rupert Murdoch and former US Treasury Secretary George Shultz, who had backed Theranos. The firm, which was once valued at $9 billion, had promised to be possessing the technology which can detect health conditions like diabetes with just a few drops of blood. However, the technology never came to work. Finally, the company collapsed in 2018. Texas prison camp The Texas prison camp, where Holmes has been imprisoned, is a sprawling 37-acre facility. Most inmates in the prison have been convicted for low-level drug dealing, non-violent crimes or white-collar offences. WATCH | Theranos founder Elizabeth Holmes sentenced to 11 years in prison for defrauding investors According to the handbook of the facility, a prisoner is generally busy with work and extracurricular activities which include foreign language, computer literacy or business courses. Holmes had made all possible efforts to stay out of prison. She had stated that a delay would permit her to raise "substantial questions" about the case which could warrant a new trial. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Theranos founder Elizabeth Holmes reaches federal prison to start 11-year sentence

Elizabeth&nbsp; Holmes, the founder of Theranos, has been making the headlines since 2013, initially for good reasons but then things changed over the years. The 39-year-old American entrepreneur has been convicted of fraud and sentenced to 11 years in prison which begins today. Here are 12 things you should probably know about Holmes:

1. Elizabeth Anne Holmes was born on February 3, 1984, in Washington DC. Her mother, Noel Holmes, worked for a Congressional committee, while her father, Christian Holmes, worked as the vice president of Enron which later went bankrupt.&nbsp;

2. Holmes is a Stanford dropout and has a fear of needles. At 19, this fear led to the origin of Theranos in 2003. Theranos, is a private healthcare technology company that claimed to revolutionise&nbsp;the blood-testing industry, as Holmes claimed that her fear of needles&nbsp;acted as a motivation for her company. The company's name is a combination of 'Therapy and 'Diagnosis.' The company was initially named Real-Time Curses.&nbsp;

3. Holmes is an admirer of Apple founder Steve Jobs and has deliberately copied his style of wearing a black turtleneck sweater frequently.&nbsp;

4. Holmes is married to Billy Evans and the couple has two children.&nbsp;

5. Elizabeth follows a strict lifestyle. She is a vegan and her meals are&nbsp;a blended concoction of cucumber, parsley, kale, spinach, romaine lettuce, and celery.

6. In 2015, Forbes named Holmes as the 'youngest and wealthiest self-made female billionaire' in the United States on the basis of her company's valuation of $9 billion.

7. Holmes was in a relationship with the company's COO Sunny Ramesh Balwani.&nbsp;

8. Theranos'&nbsp;decline began in 2015 after several journalistic and regulatory investigations blew the whistle on the company's claims and said that Holmes might have misled the government and investors.&nbsp;

9. A federal US grand jury indicted Holmes and Balwani on nine counts of fraud and two counts of conspiracy to commit wire fraud. The two collected a massive fund worth $700 million from investors over false and exaggerated claims. Holmes paid a $500,000 fine and returned $18.9 million shares to the company, relinquished her voting control of Theranos, and accepted&nbsp;a ten-year ban from serving as an officer or director of a public company.

10. After claims about Theranos began to surface, Forbes revised Holmes's estimated net worth to zero and Fortune named her in its feature article on "The World's 19 Most Disappointing Leaders."

(with inputs from agencies)

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Elizabeth Holmes, the founder of Theranos, has been making the headlines since 2013, initially for good reasons but then things changed over the years. The 39-year-old American entrepreneur has been convicted of fraud and sentenced to 11 years in prison which begins today.

Elizabeth Holmes, the founder of Theranos, has been making the headlines since 2013, initially for good reasons but then things changed over the years. The 39-year-old American entrepreneur has been convicted of fraud and sentenced to 11 years in prison which begins today. Here are 12 things you should probably know about Holmes: 1. Elizabeth Anne Holmes was born on February 3, 1984, in Washington DC. Her mother, Noel Holmes, worked for a Congressional committee, while her father, Christian Holmes, worked as the vice president of Enron which later went bankrupt. 2. Holmes is a Stanford dropout and has a fear of needles. At 19, this fear led to the origin of Theranos in 2003. Theranos, is a private healthcare technology company that claimed to revolutionise the blood-testing industry, as Holmes claimed that her fear of needles acted as a motivation for her company. The company's name is a combination of 'Therapy and 'Diagnosis.' The company was initially named Real-Time Curses. 3. Holmes is an admirer of Apple founder Steve Jobs and has deliberately copied his style of wearing a black turtleneck sweater frequently. 4. Holmes is married to Billy Evans and the couple has two children. 5. Elizabeth follows a strict lifestyle. She is a vegan and her meals are a blended concoction of cucumber, parsley, kale, spinach, romaine lettuce, and celery. 6. In 2015, Forbes named Holmes as the 'youngest and wealthiest self-made female billionaire' in the United States on the basis of her company's valuation of $9 billion. 7. Holmes was in a relationship with the company's COO Sunny Ramesh Balwani. 8. Theranos' decline began in 2015 after several journalistic and regulatory investigations blew the whistle on the company's claims and said that Holmes might have misled the government and investors. 9. A federal US grand jury indicted Holmes and Balwani on nine counts of fraud and two counts of conspiracy to commit wire fraud. The two collected a massive fund worth $700 million from investors over false and exaggerated claims. Holmes paid a $500,000 fine and returned $18.9 million shares to the company, relinquished her voting control of Theranos, and accepted a ten-year ban from serving as an officer or director of a public company. 10. After claims about Theranos began to surface, Forbes revised Holmes's estimated net worth to zero and Fortune named her in its feature article on "The World's 19 Most Disappointing Leaders." (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Theranos fraud: Here are 10 things you should know about Elizabeth Holmes

The 39-year-old founder of failed blood-testing company Theranos, Elizabeth Holmes, will begin her 11-year sentence today (Tuesday).&nbsp;

<meta charset="utf-8" />

Holmes and her ex-boyfriend and former business partner Sunny Balwani were accused of defrauding dozens of high-profile investors through their start-up. She was also ordered to pay $452 million (£365mn).&nbsp;

Once lauded as a Silicon Valley innovator, the 39-year-old entrepreneur, who is the mother of two, will now report to the prison camp in Bryan, Texas—an all-female facility about 160 kilometres (100 miles) outside of Houston.&nbsp; Balwani’s prison sentence began last month in California.&nbsp;

Following her sentence, Holmes will be under supervision for three years.&nbsp;

BBC, quoting experts, reported that she will not be able to declare bankruptcy and clear her debts that way. Prosecutors have probably already begun to seize her assets, including money in the bank and properties.&nbsp;

In January 2022, Holmes was charged with four counts—one count of conspiracy to defraud investors, and three counts of wire fraud against investors—for duping&nbsp;investors that she had developed a revolutionary medical device. However, her claims were busted following an investigation by The Wall Street Journal.

The company had attracted investments from high-profile honchos like Rupert Murdoch, the Walton family, and former Education Secretary Betsy DeVos.&nbsp;

<h2 dir="ltr">Once celebrated as a tech visionary</h2>

She was once celebrated as the next tech visionary on magazine covers and collected mountains of investors' cash, but it all collapsed after the Wall Street Journal report revealed that the machines did not work as promised.&nbsp;

The prosecutors said that she lied to her investors from 2010 to 2015 by claiming that Theranos Inc's technology could run many tests on one drop of blood from a finger prick.&nbsp;

The 39-year-old had pleaded not guilty to charges that she lied about Theranos and said the firm's lab directors were in charge of test quality.&nbsp;

Before her jail sentence in November 2022, she apologised to the employees, investors, and patients of Theranos.&nbsp;

''I loved Theranos. It was my life's work. The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings. I'm so, so sorry. I gave everything I had to build our company and to save our company. I regret my failings with every cell in my body.''

(With inputs from agencies)

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The 39-year-old founder of failed blood-testing company Theranos, Elizabeth Holmes, will begin her 11-year sentence today (Tuesday). Holmes and her ex-boyfriend and former business partner Sunny Balwani were accused of defrauding dozens of high-profile investors through their start-up.

The 39-year-old founder of failed blood-testing company Theranos, Elizabeth Holmes, will begin her 11-year sentence today (Tuesday). Holmes and her ex-boyfriend and former business partner Sunny Balwani were accused of defrauding dozens of high-profile investors through their start-up. She was also ordered to pay $452 million (£365mn). Once lauded as a Silicon Valley innovator, the 39-year-old entrepreneur, who is the mother of two, will now report to the prison camp in Bryan, Texas—an all-female facility about 160 kilometres (100 miles) outside of Houston. Balwani’s prison sentence began last month in California. Following her sentence, Holmes will be under supervision for three years. BBC, quoting experts, reported that she will not be able to declare bankruptcy and clear her debts that way. Prosecutors have probably already begun to seize her assets, including money in the bank and properties. In January 2022, Holmes was charged with four counts—one count of conspiracy to defraud investors, and three counts of wire fraud against investors—for duping investors that she had developed a revolutionary medical device. However, her claims were busted following an investigation by The Wall Street Journal. The company had attracted investments from high-profile honchos like Rupert Murdoch, the Walton family, and former Education Secretary Betsy DeVos. Once celebrated as a tech visionary She was once celebrated as the next tech visionary on magazine covers and collected mountains of investors' cash, but it all collapsed after the Wall Street Journal report revealed that the machines did not work as promised. The prosecutors said that she lied to her investors from 2010 to 2015 by claiming that Theranos Inc's technology could run many tests on one drop of blood from a finger prick. The 39-year-old had pleaded not guilty to charges that she lied about Theranos and said the firm's lab directors were in charge of test quality. Before her jail sentence in November 2022, she apologised to the employees, investors, and patients of Theranos. ''I loved Theranos. It was my life's work. The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings. I'm so, so sorry. I gave everything I had to build our company and to save our company. I regret my failings with every cell in my body.'' (With inputs from agencies) WATCH WION LIVE HERE

Elizabeth Holmes, former chief of Theranos, to begin her 11-year sentence on Tuesday

A U.S. judge on Monday denied Theranos founder Elizabeth Holmes’ request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $9 billion.

Holmes, who rose to fame after claiming Theranos' small machines could run an array of diagnostic tests with just a few drops of blood, was convicted at trial in San Jose, California last year.

U.S. District Judge Edward Davila sentenced Holmes to 11 years and three months in prison in November. Holmes asked Davila to postpone the sentence while the 9th U.S. Circuit Court of Appeals reviews her case.

Davila concluded that even if Holmes won her appeal to challenge the Theranos technology evidence, it wouldn't result in a reversal or a new trial of all the counts she was found guilty of.

"Contrary to her suggestion that accuracy and reliability were central issues to her convictions, Ms. Holmes’s misrepresentations to Theranos investors involved more than just whether Theranos technology worked as promised," he said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-court-sentences-former-theranos-president-ramesh-balwani-to-13-years-in-prison-for-fraud-541101">US court sentences former Theranos president Ramesh Balwani to 13 years in prison for fraud</a>

Holmes, who is scheduled to begin serving her sentence in April, may ask the 9th Circuit to grant bail.

In denying the release appeal, Davila noted that Holmes was unlikely to flee or endanger the community.

ALSO WATCH |&nbsp;Theranos founder Elizabeth Holmes sentenced to 11 years in prison in fraud case

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Prosecutors said during the trial that Holmes misrepresented Theranos' technology and finances. Holmes testified in her own defence, saying she believed her statements were accurate at the time.

On appeal, Holmes plans to challenge several of the judge's rulings, including his allowance of evidence about Theranos' test accuracy that postdated her statements to investors.

Holmes' co-defendant, former Theranos President Ramesh ‘Sunny’ Balwani, was convicted of defrauding Theranos investors and patients at a separate trial and sentenced to 12 years and 11 months in prison.

In March, Davila denied Balwani's request to remain free on bail during his appeal. The 9th Circuit also ruled that Balwani's sentence should not be postponed while it considers his case.

The case is U.S. v. Holmes et al., U.S. District Court, Northern District of California, No. 18-00258. 
 
(With inputs from agencies) 
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A U.S. judge on Monday denied Theranos founder Elizabeth Holmes’ request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $9 billion.

A U.S. judge on Monday denied Theranos founder Elizabeth Holmes’ request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $9 billion. Holmes, who rose to fame after claiming Theranos' small machines could run an array of diagnostic tests with just a few drops of blood, was convicted at trial in San Jose, California last year. U.S. District Judge Edward Davila sentenced Holmes to 11 years and three months in prison in November. Holmes asked Davila to postpone the sentence while the 9th U.S. Circuit Court of Appeals reviews her case. Davila concluded that even if Holmes won her appeal to challenge the Theranos technology evidence, it wouldn't result in a reversal or a new trial of all the counts she was found guilty of. "Contrary to her suggestion that accuracy and reliability were central issues to her convictions, Ms. Holmes’s misrepresentations to Theranos investors involved more than just whether Theranos technology worked as promised," he said. ALSO READ | US court sentences former Theranos president Ramesh Balwani to 13 years in prison for fraud Holmes, who is scheduled to begin serving her sentence in April, may ask the 9th Circuit to grant bail. In denying the release appeal, Davila noted that Holmes was unlikely to flee or endanger the community. ALSO WATCH | Theranos founder Elizabeth Holmes sentenced to 11 years in prison in fraud case × Prosecutors said during the trial that Holmes misrepresented Theranos' technology and finances. Holmes testified in her own defence, saying she believed her statements were accurate at the time. On appeal, Holmes plans to challenge several of the judge's rulings, including his allowance of evidence about Theranos' test accuracy that postdated her statements to investors. Holmes' co-defendant, former Theranos President Ramesh ‘Sunny’ Balwani, was convicted of defrauding Theranos investors and patients at a separate trial and sentenced to 12 years and 11 months in prison. In March, Davila denied Balwani's request to remain free on bail during his appeal. The 9th Circuit also ruled that Balwani's sentence should not be postponed while it considers his case. The case is U.S. v. Holmes et al., U.S. District Court, Northern District of California, No. 18-00258. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Jail sentence awaits Theranos founder Elizabeth Holmes after latest court ruling

Theranos founder Elizabeth Holmes sentenced to 11 years in prison for defrauding investors