Holmes Sentenced To Jail For Theranos Fraud
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Elizabeth Holmes must go to prison while she fights her fraud conviction. The court made this decision. Holmes is the founder of Theranos and has been discredited.
39-year-old Holmes wanted to stay out of jail while she appealed her blood testing fraud conviction. She went to court to make this request.
A group of people decided that she tricked them and she was put on trial. She was found guilty and now has to spend over 11 years in jail.
Another decision was made by US District Judge Edward Davila. He told Holmes to give victims $452m (£363.8m).
The money will be divided between her and former partner Sunny Balwani. The payment is worth millions of dollars. They were once business partners and also had a romantic relationship.
Holmes was told to turn herself in on April 27th. But now, the judge will set another day for her to go to jail.
BBC contacted Holmes' lawyers for a statement.
Balwani got 13 years in jail for 12 counts of fraud and conspiracy last year. In April, he started serving his sentence after losing his bid to stay free while appealing.
Holmes will serve time in a minimal-security women's prison. The prison is located in Bryan, Texas. The court has recommended this.
In April, Holmes needed the Ninth Circuit Court of Appeals to hold off on sending her to prison. She asked for a delay of her sentence.
Elizabeth Holmes had a rise to fame as the founder of Theranos. Theranos was a revolutionary blood testing company. Holmes promised that the technology could detect several illnesses from a single drop of blood. This was not true. Theranos was later found to have committed fraud. The company collapsed and faced legal action. Holmes was charged with fraud and is currently facing trial.
The Theranos founder said she would raise questions for a new trial. Mr Davila rejected this argument.
At the time, someone said that Ms. Holmes didn't stick to her beliefs about accuracy and reliability. They said that she didn't just lie about whether Theranos technology worked or not to investors.
The lawyers of Holmes said she should be allowed to stay out of prison when she fights her case. Her reason is to take care of her kids.
She is a mother of two. She lives in San Diego, California. She lives with her partner, William Evans. They have a son who is one-year-old. They also have a daughter who is three months old. William Evans is the heir to a hotel.
Holmes was once praised as the "next Steve Jobs." People called her the youngest self-made billionaire in the world.
After leaving Stanford University, Holmes founded Theranos. She successfully secured funding from notable investors such as Rupert Murdoch, Henry Kissinger, and Larry Ellison.
The company had to shut down in 2018. They made a machine that checked the blood of people, but it didn't work. It was supposed to do many tests with only a small amount of blood.
The company's bad end was shown on TV, HBO and a podcast.
