Elizabeth Holmes surrenders to federal prison in Texas to begin 11-year sentence for Theranos scandal
Elizabeth Holmes has surrendered to a federal prison in Texas to begin her 11-year sentence over the Theranos scandal which rocked the high-flying tech world of Silicon Valley. The 39-year-old disgraced tech entrepreneur reported to Bryan, the minimum-security federal prison camp in Texas, on Tuesday after exhausting all remaining legal avenues to cling onto her freedom. Holmes was convicted in January 2022 of four counts of fraud and conspiracy for lying about the capabilities pf her biotech company’s blood testing technology and conning investors out of millions of dollars. She was sentenced to 11 years and three months in prison and ordered to pay $452m in restitution to investors – including $125m to media mogul Rupert Murdoch. Holmes had been given until 2pm local time to surrender to the prison camp where she will see out her 11-year sentence surrounded by other white-collar, non-violent female offenders. Her two children – two-year-old William and three-month-old Invicta – will be allowed to visit their mother in the facility. The prison camp, which runs a work-focused program where all inmates are required to hold a job for at least 90 days, is a marked difference from Holmes’ life years earlier when she was seen as the darling of Silicon Valley. The saga began two decades ago when Holmes dropped out of Stanford University in 2003 at the age of 19 to found Theranos. The blood lab company aimed to develop medical devices that could diagnose hundreds of diseases and medical conditions with just a pinprick of blood. Over the next 10 years, Theranos boasted about its capabilities to transform the healthcare industry and grew to a value of $9bn, attracting investments from the likes of Murdoch, former Education Secretary Betsy DeVos and the heirs to the Walmart fortune. The company amassed an influential board of directors including former presidential cabinet members George Shultz, Henry Kissinger and James Mattis. Holmes, meanwhile, was catapulted onto magazine covers and became heralded as the next Steve Jobs while her personal fortune reached $4.5bn. But the technology didn’t do close to what Holmes claimed it could. In 2018, Holmes – Theranos CEO and founder – and Ramesh “Sunny” Balwani – Theranos chief operating officer and Holmes’ live-in romantic partner – were both indicted on fraud charges and the company was dissolved. She was allowed out on bail and while awaiting trial – which was stalled due to the Covid-19 pandemic – Holmes became pregnant with her first child with her partner, hotel boss Billy Evans. She became pregnant with her second child following her conviction. During her trial, Holmes sought to paint a picture that she had simply been under the control of Balwani, 57, and that she never intended to mislead investors about the technology’s capabilities. The jury didn’t buy it and she was convicted of four counts, which could have landed her with up to 20 years’ prison time. Balwani was also convicted of 12 counts of fraud and conspiracy at his trial and was sentenced to 13 years in federal prison. He began serving his sentence in Southern California last month. Since her conviction, Holmes has fought to stay out of prison claiming that she was treated unfairly by prosecutors during trial and that she should be allowed to remain out of prison while she appeals the conviction. An appeals court denied her request and said she must report to prison where she can continue to appeal her conviction behind bars. She asked the judge that she be allowed to remain free through Memorial Day weekend so that she could sort out childcare for her two children, before surrendering to authorities on 30 May. Weeks before beginning her sentence, Holmes admitted that she had made “many mistakes” in a new interview with The New York Times. “I made so many mistakes and there was so much I didn’t know and understand, and I feel like when you do it wrong, it’s like you really internalise it in a deep way,” she said. Read More Elizabeth Holmes news – latest: Theranos founder to surrender to Texas prison today to begin 11-year sentence As Elizabeth Holmes heads to prison for fraud, questions remain about her motives Elizabeth Holmes requests May 30 as new date to report to prison after losing her bid to remain free
2023-05-31 01:47
Martha Stewart’s Surprising Twist on Baked Potatoes Is As Simple As It Is Delicious
One small swap will take your baked potato game to the next level.
2023-08-26 01:22
Chicago Sky announce they have hired Hall of Famer Teresa Weatherspoon as their coach
The Chicago Sky say they have hired Naismith Hall of Famer Teresa Weatherspoon as their coach
2023-10-13 06:29
Top House progressive calls Israel 'racist state' when addressing pro-Palestine protesters
Democratic Rep. Pramila Jayapal, chair of the Congressional Progressive Caucus, called Israel a "racist state" on Saturday while addressing pro-Palestine protesters who interrupted a panel discussion at the Netroots Nation conference in Chicago.
2023-07-17 05:59
'Those poor souls': Megyn Kelly receives flak as she honors her podcast team's efforts on Labour Day
Megyn Kelly expressed her gratitude for all that her team does to make her podcast, ‘The Megyn Kelly Show’ a raging success
2023-09-05 15:57
Olivia Dunne and pet Roux's adorable duet dance to Saweetie's 'Best Friend' goes viral: 'Bestie 4L'
Olivia Dunne created a dedicated Instagram account for Roux and keeps sharing playful moments spent with her canine companion
2023-11-15 14:58
Texas A&M reaches $1 million settlement with journalism professor over hiring controversy
Texas A&M University reached a $1 million settlement with a Black journalism professor who said her tenured position offer fell apart after backlash to her work on diversity and equity efforts, the university announced Thursday.
2023-08-04 15:21
Filipino diver with a knife helps remove floating barrier installed by China in South China Sea
A floating barrier installed by China to prevent Filipino boats from fishing in a disputed area of the South China Sea has been removed, Philippine authorities said Monday, the latest flashpoint between Manila and Beijing over their competing maritime claims.
2023-09-26 13:46
What is watermelon snow? Mysterious natural phenomenon turns Utah mountains pink
Technicolor snow can also be observed in other high-altitude environments worldwide, including the French Alps and Japan's Mountains of Dewa.
2023-07-02 16:22
Fitch Says US Fiscal Metrics and Governance Spurred Credit-Rating Cut
Weakening US fiscal metrics and governance, highlighted by political wrangling over the debt ceiling, were at the heart
2023-08-03 01:46
China’s Rice Exports to Ivory Coast Top 2022 After India Curbs
China exported more rice to the Ivory Coast in the three months through October than in the whole
2023-11-23 15:27
India and Saudi Arabia agree to expand economic and security ties after the G20 summit
India and Saudi Arabia have agreed to expand trade and security ties, two days after their leaders and others attending a Group of 20 summit announced a new railways and port corridor deal that will link India, Middle East and Europe
2023-09-11 17:54
You Might Like...
Makayla Meave-Byers: Mystery surrounding Oklahoma woman found dead in a ditch deepens as police find blood at her home
150 dead as 'catastrophic' storm floods hit east Libya
Outrage as sheriff’s secretary who had Jesse McFadden on sex offender list witnessed his wedding
Wholesale inflation in US edged up in July from low levels
Father of 4 who pleaded for help before dying in construction fire is among the 2 bodies recovered, officials say
Who was Paul Bertonazzi? Family seeks answers after man's death with severed spine in Johns Hopkins psychiatric unit
Morgan Stanley CEO Gorman to hand reins to successor within a year
Prosecutors say cheek swab from Gilgo Beach murder suspect adds to evidence of guilt
