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