Elizabeth Holmes to Start Prison Term on May 30

What a scam. Elizabeth Holmes dropped out of Stanford to start the Theranos company. She claimed that the company would be able to use merely a few drops of someone’s blood and from that, determine many different diseases including cancer and high cholesterol. Well, this all turned out to be a lie after Holmes had raised hundreds of millions of dollars from investors.

Elizabeth Holmes was a glutton for success and seemed unable to take failure early on according to Business Insider. She was always an extremely hard worker who learned Mandarin and started making money in high school selling computer programs to Chinese schools. She has traveled to all sorts of places and had what looked like a more than promising career start. When she was younger, she said she wanted to grow up to be a billionaire, and it appeared as if she might.. very quickly.

Elizabeth HolmesOrdered to Pay $452 Million in Restitution

On the same the Ninth Circuit rejected Elizabeth Holmes' attempt to stay out of prison while she appeals, the trial judge in the case has finalized her restitution amount.

She and Balwani have just been ordered to pay $452M to investor victims, including $124M to Rupert Murdoch pic.twitter.com/mgTcm7cXAA

— Bobby Allyn (@BobbyAllyn) May 17, 2023

Holmes was allegedly inspired by her grandad to learn medicine yet she has an extreme fear of needles. Because of this, she ended up starting a Silicon Valley company called Real-Time Cures, later to be called Theranos.

The money she received was given upon the concerning stipulation that she would not have to show how Theranos technology worked and she would retain complete control over company decisions. That is quite a red flag as an investor. At any rate, Holmes’ incredible secrecy and supreme swindling raked in the money.

By 2015, a Wall Street Journal reporter had investigated and written about the flaws with the Theranos technology. Ultimately, Holmes was charged for wire fraud and attempting to commit wire fraud. The court dates were pushed back due to the pandemic and because Holmes was pregnant after Covid. But she could not talk her way out of endangering thousands of people and misusing nearly $1 billion in investments. According to the New York Post, Holmes was sentenced to 15 years in prison for the huge white collar crime. Holmes will start her prison sentence on May 30th.

Elizabeth Holmes's request to stay out of prison during her appeal was denied (as expected). It bought her a few more weeks of freedom. New surrender date: May 30.

She and Sunny Balwani have also been ordered to pay $425 MILLION in restitution to Theranos investors.

— erin griffith (@eringriffith) May 17, 2023

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