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Ladybbird · 04-01-22, 09:00

Elizabeth Holmes: Theranos Founder Convicted of Fraud

The jury found her not guilty of four other felony charges. On the three remaining charges, the jury was deadlocked. Holmes could now face up to 20 years in prison for each count.

BBC News 4 JAN 2022.

US jury finds former Theranos CEO Elizabeth Holmes guilty of fraud

Former Theranos CEO Elizabeth Holmes has been convicted on four counts of fraud and conspiracy, ending a lengthy trial that has captivated Silicon Valley.

Prosecutors said Holmes knowingly lied about technology she said could detect diseases with a few drops of blood.

Jurors found Holmes guilty of four charges, including conspiracy to commit fraud against investors and three counts of wire fraud.

She denied the charges, which carry a maximum prison term of 20 years each.

Holmes was not taken into custody, with no date confirmed yet for sentencing and a further hearing scheduled next week.

She faced 11 charges in total and was found not guilty of four charges relating to defrauding the public.

The split verdict came after the judge said the jury, having deliberated for seven days, could deliver a partial verdict after being unable to reach consensus on another three counts.

Theranos, at one point valued at $9bn (£6.5bn), was once the darling of Silicon Valley.

The firm promised it would revolutionise the healthcare industry, but its claims began to unravel in 2015 after a Wall Street Journal investigation reported that its core blood-testing technology did not work.

For nearly four months at trial, the jury of eight men and four women were presented with two starkly different accounts of the former self-made billionaire, whose downfall shook Silicon Valley.

Calling some 30 witnesses, the prosecution sought to prove that Holmes knew the product she was selling to investors was a sham, but remained hell-bent on the firm's success.

At trial, multiple lab directors testified that they told Holmes about the flaws in Theranos' technology but were instructed to downplay their concerns. At the same time, they said, Holmes told investors the technology was operating as planned.

Holmes "chose fraud over business failure. She chose to be dishonest with investors and patients", said prosecutor Jeff Schenk in closing arguments. "That choice was not only callous, it was criminal."

The defence countered with descriptions of a dedicated and driven businesswoman, making waves in a male-dominated industry.

The Rise and Fall of Elizabeth Holmes

Testifying in her own defence, Holmes acknowledged mistakes in Theranos' operation, but maintained she never knowingly defrauded patients or investors.

The defence also laid blame on Ramesh "Sunny" Balwani, Holmes' former business partner and long-term boyfriend.

At trial Holmes accused Mr Balwani, 19 years her senior, of emotional and sexual abuse - allegations he denies.

Reverberations for Silicon Valley

Analysis by James Clayton, North America technology reporter

Elizabeth Holmes claimed her diagnostics machines could test hundreds of diseases. They couldn't.

Considering she was the founder and CEO of Theranos you might think the case would be an easy win for the prosecution. But for a number of reasons the guilty verdicts were by no means assured.

These technical fraud cases are extremely difficult to prosecute. Jurors were asked to consider hundreds of documents and sit through evidence from dozens of witnesses.

Holmes has just had a baby and some commentators believed she would strike a sympathetic character.

The difficulty in successfully prosecuting Holmes is reflected in the verdicts - a real mixed bag of decisions from the jury.

But considering how difficult white-collar fraud cases are to prosecute, the government will be happy with what stuck.

Her former partner, Sunny Balwani, will now face trial next month in the same court for similar charges. It's likely Holmes will not be sentenced until after that case has concluded.

The verdict sends a clear and frank message to Silicon Valley founders - there are consequences when you say things to investors that aren't true.

US Attorney Stephanie Hinds thanked the jurors, who she said had navigated a "complex case" over 15 weeks to reach their verdict.

"The guilty verdicts, in this case, reflect Ms Holmes' culpability in this large-scale investor fraud and she must now face sentencing for her crimes," the prosecutor said in a statement read out by an assistant.

Holmes founded Theranos as a teenager, shortly after dropping out of chemical engineering at Stanford University.

She was able to raise more than $900m from billionaires such as media magnate Rupert Murdoch and tech mogul Larry Ellison.

The firm officially ceased operations in 2018 following the scandal.

Elizabeth Holmes & The Theranos Deception

Ladybbird · 19-11-22, 03:30

Theranos Founder Elizabeth Holmes Sentenced To 11 Years In Prison

Elizabeth Holmes, the founder of the failed blood-testing start-up Theranos, has been sentenced to 11 years in prison. Holmes was found guilty of cheating investors out of hundreds of millions of dollars with false claims about the company’s technology and business dealings.

BBC News 19 NOV 2022.

Theranos founder Elizabeth Holmes has been sentenced to over 11 years in prison for defrauding investors in her blood testing start-up that was once valued at $9bn (£7.5bn).

The former Silicon Valley star falsely claimed the technology could diagnose disease with just a few drops of blood.

Holmes, 38, who is pregnant, tearfully told the court she felt "deep pain" for those misled by the scam.

She was found guilty in January after a three-month trial.

Holmes is expected to appeal against the sentence, which was handed down on Friday in a California court.

Once hailed as the "next Steve Jobs", she was at one time said to be the world's youngest self-made billionaire.

She launched Theranos after dropping out of Stanford University at age 19, and its value rose sharply after the company claimed it could bring about a revolution in the diagnosal of disease.

But the technology Holmes touted did not work and - awash in lawsuits - the company was dissolved by 2018.

At Holmes' trial in San Jose, California, prosecutors said she knowingly misled doctors and patients about Theranos' flagship product - the Edison machine - which the company claimed could detect cancer, diabetes and other conditions using just a few drops of blood.

They also accused Holmes of vastly exaggerating the firm's performance to its financial backers.

Jurors ultimately found her guilty on four counts of fraud, with a maximum sentence of 20 years in prison. But they found her not guilty on four other charges, and failed to reach a verdict on three more.

Before Judge Edward Davila issued his sentence on Friday, Holmes read a speech to the court in which she tearfully apologised to investors and patients.

The rise and fall of Elizabeth Holmes

"I am devastated by my failings. I have felt deep pain for what people went through, because I failed them," she said.

"I regret my failings with every cell of my body," she continued.

The judge referred to Holmes as a "brilliant" entrepreneur, and told her: "Failure is normal. But failure by fraud is not OK."

Ladybbird · 21-01-23, 02:44

Theranos Founder Elizabeth Holmes Attempted to Flee US, Prosecutors Claim

Theranos Founder Elizabeth Holmes Sentenced to 11.25 Years in Prison

Theranos founder Elizabeth Holmes attempted to flee the US shortly after her conviction on fraud charges last year, prosecutors claim.

BBC 21 JAN 2023

According to a new court filing, the 38-year-old bought a one-way ticket to Mexico last January.

"Only after the government raised this unauthorised flight... was the trip cancelled," prosecutors said.

Holmes was convicted for defrauding investors in her blood testing start-up that was once valued at $9bn (£7.5bn).

The former Silicon Valley star falsely claimed the technology could diagnose disease with just a few drops of blood. But it did not work and - facing multiple lawsuits - the company was dissolved in 2018.

The latest court filing, which was submitted on Thursday, also said Holmes's partner had bought a one-way ticket to Mexico.

"The government anticipates [Holmes] will note in reply that she did not in fact leave the country as scheduled - but it is difficult to know with certainty what [she] would have done had the government not intervened," prosecutors said.

Holmes was convicted in early January 2022 of defrauding investors, and then sentenced in November to more than 11 years in prison. During her sentencing hearing, she was ordered to self-surrender to prison on 27 April this year.

But she appealed her conviction shortly after and is asking a judge to let her remain free beyond April while her appeal is heard in federal court. That process could take a year.

Her lawyers also claimed Holmes would raise "substantial questions" that could warrant a new trial.

The latest court filing in California said Holmes has been paying $13,000 (£10,500) a month to live on an estate as her appeal is heard.

Prosecutors want her to surrender as planned in April. "The time has come for Elizabeth Holmes to answer for her crimes committed nearly a decade ago," they said. "There are not two systems of justice - one for the wealthy and one for the poor."

A judge will hear her motion to delay her prison sentence pending appeal on 17 March.

Holmes launched Theranos after dropping out of Stanford University at age 19. The company's value skyrocketed after executives claimed it could bring about a revolution in disease diagnosis.

The rise and fall of the start-up was chronicled in several popular podcasts and TV shows, including a Hulu series called The Dropout, with Amanda Seyfried starring as Holmes.

Holmes's business partner, Sunny Balwani, the former president of Theranos, was sentenced to nearly 13 years in prison in December.

Holmes has apologised for her business "failings" and said she has "felt deep pain for what people went through, because I failed them".

Ladybbird · 12-04-23, 05:01

Elizabeth Holmes to Begin 11-Year Prison Sentence at End of Month

Federal judge denies Theranos founder’s request to remain free while she appeals her conviction of fraud and conspiracy

BBC 12 APR 2023

Elizabeth Holmes, Scammer of the Millennium

Elizabeth Holmes must begin her more than 11-year prison sentence on 27 April after a federal judge denied the disgraced Theranos founder’s request to remain free while she appeals her conviction.

Holmes, who was convicted on four counts of fraud and conspiracy related to the failed blood-testing startup in January 2022, is “not likely to flee or pose a danger” to the public, US district court judge Edward Davila wrote in his ruling. However, the San Jose-based judge found that her appeal was unlikely to result in a reversal of the verdict or a new trial – a requirement for a defendant to remain free post-conviction.

Prosecutors had attempted to argue that Holmes did pose a flight risk, revealing that her partner had bought her a one-way flight to Mexico shortly before the verdict was returned. While Davila called the travel plans a “bold move” and Holmes’s failure to cancel the ticket post-conviction a “perilously careless oversight”, he accepted her assertion that she was not trying to flee the country.

Attorneys defending Holmes have raised a number of evidentiary and procedural issues with the trial in their appeal to the federal ninth circuit court of appeals. But Davila wrote that even if the appeals court agrees with Holmes that the lower court had made errors, the issues were not “substantial” enough to merit a reversal or new trial.

Holmes’s incarceration will mark an extraordinary fall from grace for the one-time Silicon Valley magnate.

A college dropout, Holmes was hailed as a visionary for her promise to revolutionize blood-testing with technology that could carry out hundreds of tests on a single drop of blood.

The startup attracted hundreds of millions of dollars in investment and soared to a $9bn valuation before critical reporting by the Wall Street Journal revealed that the underlying technology did not work.

Holmes’s former business and romantic partner Sunny Balwani must also report to prison this month, after the ninth circuit rejected his request to remain free pending an appeal. Balwani was convicted on 12 counts of fraud and conspiracy and sentenced to more than 12 years in prison.

Ladybbird · 30-05-23, 19:18

Theranos Founder Elizabeth Holmes Turns Herself in For 11-Year Prison Term

Elizabeth Holmes enters Texas prison to begin 11-year sentence for blood-testing hoax

BBC 31 MAY 2023

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 to her freedom.

Holmes was convicted in January 2022 of four counts of fraud and conspiracy for lying about the capabilities of 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.

04-01-22, 09:00	#1
Ladybbird Join Date: Feb 2011 Posts: 47,571 Thanks: 27,630 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	Elizabeth Holmes Arrives at Texas Prison For 11-Year Term Elizabeth Holmes: Theranos Founder Convicted of Fraud The jury found her not guilty of four other felony charges. On the three remaining charges, the jury was deadlocked. Holmes could now face up to 20 years in prison for each count. BBC News 4 JAN 2022. US jury finds former Theranos CEO Elizabeth Holmes guilty of fraud Former Theranos CEO Elizabeth Holmes has been convicted on four counts of fraud and conspiracy, ending a lengthy trial that has captivated Silicon Valley. Prosecutors said Holmes knowingly lied about technology she said could detect diseases with a few drops of blood. Jurors found Holmes guilty of four charges, including conspiracy to commit fraud against investors and three counts of wire fraud. She denied the charges, which carry a maximum prison term of 20 years each. Holmes was not taken into custody, with no date confirmed yet for sentencing and a further hearing scheduled next week. She faced 11 charges in total and was found not guilty of four charges relating to defrauding the public. The split verdict came after the judge said the jury, having deliberated for seven days, could deliver a partial verdict after being unable to reach consensus on another three counts. Theranos, at one point valued at $9bn (£6.5bn), was once the darling of Silicon Valley. The firm promised it would revolutionise the healthcare industry, but its claims began to unravel in 2015 after a Wall Street Journal investigation reported that its core blood-testing technology did not work. For nearly four months at trial, the jury of eight men and four women were presented with two starkly different accounts of the former self-made billionaire, whose downfall shook Silicon Valley. Calling some 30 witnesses, the prosecution sought to prove that Holmes knew the product she was selling to investors was a sham, but remained hell-bent on the firm's success. At trial, multiple lab directors testified that they told Holmes about the flaws in Theranos' technology but were instructed to downplay their concerns. At the same time, they said, Holmes told investors the technology was operating as planned. Holmes "chose fraud over business failure. She chose to be dishonest with investors and patients", said prosecutor Jeff Schenk in closing arguments. "That choice was not only callous, it was criminal." The defence countered with descriptions of a dedicated and driven businesswoman, making waves in a male-dominated industry. The Rise and Fall of Elizabeth Holmes Testifying in her own defence, Holmes acknowledged mistakes in Theranos' operation, but maintained she never knowingly defrauded patients or investors. The defence also laid blame on Ramesh "Sunny" Balwani, Holmes' former business partner and long-term boyfriend. At trial Holmes accused Mr Balwani, 19 years her senior, of emotional and sexual abuse - allegations he denies. Reverberations for Silicon Valley Analysis by James Clayton, North America technology reporter Elizabeth Holmes claimed her diagnostics machines could test hundreds of diseases. They couldn't. Considering she was the founder and CEO of Theranos you might think the case would be an easy win for the prosecution. But for a number of reasons the guilty verdicts were by no means assured. These technical fraud cases are extremely difficult to prosecute. Jurors were asked to consider hundreds of documents and sit through evidence from dozens of witnesses. Holmes has just had a baby and some commentators believed she would strike a sympathetic character. The difficulty in successfully prosecuting Holmes is reflected in the verdicts - a real mixed bag of decisions from the jury. But considering how difficult white-collar fraud cases are to prosecute, the government will be happy with what stuck. Her former partner, Sunny Balwani, will now face trial next month in the same court for similar charges. It's likely Holmes will not be sentenced until after that case has concluded. The verdict sends a clear and frank message to Silicon Valley founders - there are consequences when you say things to investors that aren't true. US Attorney Stephanie Hinds thanked the jurors, who she said had navigated a "complex case" over 15 weeks to reach their verdict. "The guilty verdicts, in this case, reflect Ms Holmes' culpability in this large-scale investor fraud and she must now face sentencing for her crimes," the prosecutor said in a statement read out by an assistant. Holmes founded Theranos as a teenager, shortly after dropping out of chemical engineering at Stanford University. She was able to raise more than $900m from billionaires such as media magnate Rupert Murdoch and tech mogul Larry Ellison. The firm officially ceased operations in 2018 following the scandal. Elizabeth Holmes & The Theranos Deception __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

19-11-22, 03:30	#2
Ladybbird Join Date: Feb 2011 Posts: 47,571 Thanks: 27,630 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	re: Elizabeth Holmes Arrives at Texas Prison For 11-Year Term Theranos Founder Elizabeth Holmes Sentenced To 11 Years In Prison Elizabeth Holmes, the founder of the failed blood-testing start-up Theranos, has been sentenced to 11 years in prison. Holmes was found guilty of cheating investors out of hundreds of millions of dollars with false claims about the company’s technology and business dealings. BBC News 19 NOV 2022. Theranos founder Elizabeth Holmes has been sentenced to over 11 years in prison for defrauding investors in her blood testing start-up that was once valued at $9bn (£7.5bn). The former Silicon Valley star falsely claimed the technology could diagnose disease with just a few drops of blood. Holmes, 38, who is pregnant, tearfully told the court she felt "deep pain" for those misled by the scam. She was found guilty in January after a three-month trial. Holmes is expected to appeal against the sentence, which was handed down on Friday in a California court. Once hailed as the "next Steve Jobs", she was at one time said to be the world's youngest self-made billionaire. She launched Theranos after dropping out of Stanford University at age 19, and its value rose sharply after the company claimed it could bring about a revolution in the diagnosal of disease. But the technology Holmes touted did not work and - awash in lawsuits - the company was dissolved by 2018. At Holmes' trial in San Jose, California, prosecutors said she knowingly misled doctors and patients about Theranos' flagship product - the Edison machine - which the company claimed could detect cancer, diabetes and other conditions using just a few drops of blood. They also accused Holmes of vastly exaggerating the firm's performance to its financial backers. Jurors ultimately found her guilty on four counts of fraud, with a maximum sentence of 20 years in prison. But they found her not guilty on four other charges, and failed to reach a verdict on three more. Before Judge Edward Davila issued his sentence on Friday, Holmes read a speech to the court in which she tearfully apologised to investors and patients. The rise and fall of Elizabeth Holmes "I am devastated by my failings. I have felt deep pain for what people went through, because I failed them," she said. "I regret my failings with every cell of my body," she continued. The judge referred to Holmes as a "brilliant" entrepreneur, and told her: "Failure is normal. But failure by fraud is not OK." __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

21-01-23, 02:44	#3
Ladybbird Join Date: Feb 2011 Posts: 47,571 Thanks: 27,630 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	re: Elizabeth Holmes Arrives at Texas Prison For 11-Year Term Theranos Founder Elizabeth Holmes Attempted to Flee US, Prosecutors Claim Theranos Founder Elizabeth Holmes Sentenced to 11.25 Years in Prison Theranos founder Elizabeth Holmes attempted to flee the US shortly after her conviction on fraud charges last year, prosecutors claim. BBC 21 JAN 2023 According to a new court filing, the 38-year-old bought a one-way ticket to Mexico last January. "Only after the government raised this unauthorised flight... was the trip cancelled," prosecutors said. Holmes was convicted for defrauding investors in her blood testing start-up that was once valued at $9bn (£7.5bn). The former Silicon Valley star falsely claimed the technology could diagnose disease with just a few drops of blood. But it did not work and - facing multiple lawsuits - the company was dissolved in 2018. The latest court filing, which was submitted on Thursday, also said Holmes's partner had bought a one-way ticket to Mexico. "The government anticipates [Holmes] will note in reply that she did not in fact leave the country as scheduled - but it is difficult to know with certainty what [she] would have done had the government not intervened," prosecutors said. Holmes was convicted in early January 2022 of defrauding investors, and then sentenced in November to more than 11 years in prison. During her sentencing hearing, she was ordered to self-surrender to prison on 27 April this year. But she appealed her conviction shortly after and is asking a judge to let her remain free beyond April while her appeal is heard in federal court. That process could take a year. Her lawyers also claimed Holmes would raise "substantial questions" that could warrant a new trial. The latest court filing in California said Holmes has been paying $13,000 (£10,500) a month to live on an estate as her appeal is heard. Prosecutors want her to surrender as planned in April. "The time has come for Elizabeth Holmes to answer for her crimes committed nearly a decade ago," they said. "There are not two systems of justice - one for the wealthy and one for the poor." A judge will hear her motion to delay her prison sentence pending appeal on 17 March. Holmes launched Theranos after dropping out of Stanford University at age 19. The company's value skyrocketed after executives claimed it could bring about a revolution in disease diagnosis. The rise and fall of the start-up was chronicled in several popular podcasts and TV shows, including a Hulu series called The Dropout, with Amanda Seyfried starring as Holmes. Holmes's business partner, Sunny Balwani, the former president of Theranos, was sentenced to nearly 13 years in prison in December. Holmes has apologised for her business "failings" and said she has "felt deep pain for what people went through, because I failed them". __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

12-04-23, 05:01	#4
Ladybbird Join Date: Feb 2011 Posts: 47,571 Thanks: 27,630 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	re: Elizabeth Holmes Arrives at Texas Prison For 11-Year Term Elizabeth Holmes to Begin 11-Year Prison Sentence at End of Month Federal judge denies Theranos founder’s request to remain free while she appeals her conviction of fraud and conspiracy BBC 12 APR 2023 Elizabeth Holmes, Scammer of the Millennium Elizabeth Holmes must begin her more than 11-year prison sentence on 27 April after a federal judge denied the disgraced Theranos founder’s request to remain free while she appeals her conviction. Holmes, who was convicted on four counts of fraud and conspiracy related to the failed blood-testing startup in January 2022, is “not likely to flee or pose a danger” to the public, US district court judge Edward Davila wrote in his ruling. However, the San Jose-based judge found that her appeal was unlikely to result in a reversal of the verdict or a new trial – a requirement for a defendant to remain free post-conviction. Prosecutors had attempted to argue that Holmes did pose a flight risk, revealing that her partner had bought her a one-way flight to Mexico shortly before the verdict was returned. While Davila called the travel plans a “bold move” and Holmes’s failure to cancel the ticket post-conviction a “perilously careless oversight”, he accepted her assertion that she was not trying to flee the country. Attorneys defending Holmes have raised a number of evidentiary and procedural issues with the trial in their appeal to the federal ninth circuit court of appeals. But Davila wrote that even if the appeals court agrees with Holmes that the lower court had made errors, the issues were not “substantial” enough to merit a reversal or new trial. Holmes’s incarceration will mark an extraordinary fall from grace for the one-time Silicon Valley magnate. A college dropout, Holmes was hailed as a visionary for her promise to revolutionize blood-testing with technology that could carry out hundreds of tests on a single drop of blood. The startup attracted hundreds of millions of dollars in investment and soared to a $9bn valuation before critical reporting by the Wall Street Journal revealed that the underlying technology did not work. Holmes’s former business and romantic partner Sunny Balwani must also report to prison this month, after the ninth circuit rejected his request to remain free pending an appeal. Balwani was convicted on 12 counts of fraud and conspiracy and sentenced to more than 12 years in prison. __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

30-05-23, 19:18	#5
Ladybbird Join Date: Feb 2011 Posts: 47,571 Thanks: 27,630 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	Re: Elizabeth Holmes Arrives at Texas Prison For 11-Year Term Theranos Founder Elizabeth Holmes Turns Herself in For 11-Year Prison Term Elizabeth Holmes enters Texas prison to begin 11-year sentence for blood-testing hoax BBC 31 MAY 2023 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 to her freedom. Holmes was convicted in January 2022 of four counts of fraud and conspiracy for lying about the capabilities of 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. __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

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