Theranos founder Elizabeth Holmes to report to prison in two weeks
Elizabeth Holmes
A US court has denied the latest request by Elizabeth Holmes to remain free and ordered her to start serving prison time on May 30. Holmes sought to appeal her fraud conviction.
But US District Judge Edward Davila set the date on Wednesday for the 39-year-old Holmes, who has to serve 11 years and three months in jail for defrauding investors with her Silicon Valley start-up Theranos.
Holmes was found guilty of deceiving investors into believing she had invented a groundbreaking medical device. She became famous after she said that Theranos' small devices could perform a variety of diagnostic tests with only a few droplets of blood.
In 2014, she was even named by Forbes the world's youngest female self-made billionaire at the age of 30, and her stake in Theranos was valued at $4.5 billion. Theranos went bankrupt after a series of Wall Street Journal stories questioned its technology in 2015.
Media reports have mentioned that US Judge Davila has recommended that she do her time at a women's prison in Texas.
Davila also ordered Holmes and her senior Theranos lieutenant, Ramesh "Sunny" Balwani, to pay $452 million to victims of their scam, including Fox News owner Rupert Murdoch, who is owed $125 million.
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Davila and the 9th Circuit rejected Balwani's requests to remain free on bail during his appeal and he began serving his sentence on April 20.
Holmes was supposed to start prison time in late April, but her lawyers filed a last-minute appeal on procedural grounds after an earlier attempt was dismissed.
During the trial, prosecutors said that Holmes misrepresented Theranos' technology and finances. Holmes testified in her own defence, stating that she thought her remarks were correct at the time.
Holmes is appealing several of the judge's judgements, including his acceptance of information about Theranos' test accuracy that predated her investor disclosures.
(With inputs from agencies)
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