Former businesswoman Elizabeth Holmes, convicted of fraud, began her more than 11-year prison sentence on Tuesday. The US prison administration confirmed to radio station NPR, among others, that Holmes arrived at the facility in the state of Texas as ordered.
A few weeks ago, an appeals court rejected her request to have her detention suspended until the appeals process was completed. Holmes was the founder and CEO of the start-up Theranos, promising to revolutionize blood testing. With Theranos, just a few drops of blood would be enough for complex testing.
Investors have deliberately been duped
Holmes was celebrated, Theranos reached a valuation of nine billion dollars (about 8.4 billion euros) in financing rounds. Holmes became a billionaire on paper. But then it turned out that the technology didn’t work. Holmes and her top manager Ramesh Balwani were convicted of deliberately defrauding investors.
Originally, Holmes, who gave birth to two children during the trial, was scheduled to serve her sentence of 11 years and three months at the end of April. But with her request that the start of detention be suspended for the duration of the appeal, this timetable was overturned.
Most recently, the responsible judge Edward Davila set the amount that Holmes and Balwani owe to investors at a whopping $ 452 million (about 421 million euros). Balwani has already started his 13-year sentence.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
