Last Update: May 18, 2023, 03:24 AM IST
Theranos founder Elizabeth Holmes with her family and partner Billy Evans arrive for sentencing for defrauding investors in the blood testing startup at the federal courthouse on November 18, 2022 in San Jose, California, US. (Reuters)
Elizabeth Holmes was just sentenced to 11 years in prison for defrauding investors with her Silicon Valley start-up Theranos.
Fallen US biotech star Elizabeth Holmes must begin serving prison time after a judge rejected her latest request to remain free while appealing a fraud conviction.
Holmes was just sentenced to 11 years in prison for defrauding investors with his Silicon Valley start-up Theranos.
She was due to begin serving time behind bars in late April, but her lawyers filed a last-minute appeal over procedural issues after an earlier attempt was denied.
US Judge Edward Davila on Tuesday denied the new request and in a separate ruling ordered Holmes and his top Theranos lieutenant, Ramesh “Sunny” Balwani, to pay $452 million to the victims of their fraud.
Davila said in a written order that Holmes is to return to jail on May 30 to serve her sentence.
According to media reports, the judge has recommended that she spend her time in a women’s prison in Texas.
Holmes was found responsible for defrauding investors into believing that he had developed a revolutionary medical device.
The 39-year-old became a Silicon Valley star when she said her start-up was perfecting an easy-to-use test kit that can carry out a wide range of medical diagnoses with just a few drops of blood.
But his company came under fire after a Wall Street Journal investigation into the validity of the tests.
Holmes had a child shortly before her trial and has had a second child since her conviction.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – AFP,
