![]() The claims helped the company become a Silicon Valley sensation that raised nearly $1 billion from investors. RELATED: Elizabeth Holmes must report to prison this month while waiting out her appeal, judge rulesīalwani, 57, is now serving a nearly 13-year prison sentence in a federal prison located in San Pedro, California after being convicted of 12 counts of fraud and conspiracy.Īlthough they had separate trials, Holmes and Balwani were accused of essentially the same crimes centered on a ruse touting Theranos' blood-testing system as a revolutionary breakthrough in health care. After the Ninth Circuit rejected his appeal three weeks later, Davila set a new reporting date of April 20. The tactic deployed by Holmes mirrored a move made last month by her former lover and subordinate, Ramesh "Sunny" Balwani, to avoid a prison reporting date of March 16. The appeal, filed with the Ninth Circuit Court of Appeals late Tuesday, automatically delays her reporting date because she has been free on bail since a jury convicted her on four counts of fraud and conspiracy in January following a four-month trial revolving around her downfall from a rising Silicon Valley star to an alleged scam artist chasing fame and fortune while fleecing investors and endangering the health of patients relying on Theranos' flawed blood tests. District Judge Edward Davila that she won't be reporting to prison as scheduled because she had filed an appeal of a decision that he issued earlier this month ordering her to begin her sentence on April 27. ![]() Holmes' lawyers on Wednesday informed U.S. ![]() SAN FRANCISCO - Disgraced Theranos CEO Elizabeth Holmes has avoided starting her more than 11-year prison sentence on Thursday by deploying the same legal maneuver that enabled her co-conspirator in a blood-testing hoax to remain free for an additional month. The judge is expected to make rulings on which evidence jurors can hear this week.Elizabeth Holmes' sentence is more than 11 years in the blood-testing hoax involving Theranos. Reality came crashing down in 2018 when the shortcomings and inaccuracies of Theranos were exposed by a Wall Street Journal investigation. Part of it was her own doing but when people put you on stage with VIPs it validates your brands." "Elizabeth was touted as the next Steve Jobs and was suddenly invited to sit on stage with Bill Clinton. "She became an immediate darling for a product that wasn't even on the market," the former executive said. Holmes' meteoric rise was captured in countless high-profile media appearances with world leaders, creating her image as a business celebrity. "It goes to her judgement and decision-making knowing the financial state the company was in." "Having, at one point, three assistants was not fiscally sound," says the former Theranos executive who asked not to be named. ![]() "She met dignitaries, politicians and other business leaders as a result, these things truly were benefits, intangible but benefits nonetheless and part of the fraudulent scheme."Īs she walked into the courthouse, Holmes refused to answer questions from CNBC's Scott Cohn on whether she's concerned to have her wealth on display.Ī former Theranos executive who was close to Holmes told CNBC the embattled CEO didn't see anything wrong with her spending while running the company on life support. Holmes "became a celebrity in Silicon Valley," said Bostic. Prosecutors say her spending more than kept pace and she was overtaken by her fame. Holmes' ownership stake in Theranos was valued at up to $4.5 billion. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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