Former Therano CEO Elizabeth Holmes (C) arrives in federal court with her partner Billy Evans (R) and mother Noel Holmes on November 18, 2022 in San Jose, California.
Justin Sullivan | Getty Images
Elizabeth Holmes, the disgraced CEO of Theranos, must report to prison on May 30, according to an order issued Wednesday by U.S. District Judge Edward Davila. The judge ordered Holmes to report by 2:00 p.m. local time that day, and she is expected to begin her sentence at a minimum security facility in Bryan, Texas.
On Tuesday there will be an appeal court rejected Holmes’s offer to stay out of jail while she appeals her conviction. In another ruling Tuesday, Davila ordered Holmes and former Theranos executive Ramesh “Sunny” Balwani to pay $452 million in compensation to victims.
Last year, a federal jury in San Jose, Calif., convicted Holmes of four counts of defrauding investors in Theranos, her blood-testing company, and in November, Davila sentenced her to 11 years and three months in prison. Balwani was sentenced to almost 13 years jailed in July, after being convicted of 12 counts of fraud, and began his sentence in April.
Holmes, 39, has two children, the first of whom was born before her fraud trial in 2021. The second was born after her sentence.
Holmes founded Theranos in 2003, and she and Balwani went on to raise more than $700 million from investors “through an extensive, years-long fraud in which they exaggerated or made false claims about the company’s technology, business operations and financial performance,” according to a filing by the U.S. Securities and Exchange Commission 2018. That same year, a grand jury returned an indictment charging Holmes and Balwani with defrauding doctors and patients, and also alleged that they “made numerous misrepresentations to potential investors about Therano’s financial condition and future prospects.”
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