The founder and former CEO of the now-defunct health technology company Theranos, Elizabeth Holmes will report to prison by the end of this month. The decision for Holmes to report to the prison came after she lost the bid to remain free while she appealed against the convictions raised against her.
Elizabeth Holmes is sentenced to more than 11 years in prison following the case regarding her blood-testing startup Theranos and the fraud she committed against people who invested in her startup.
According to the verdict, Elizabeth Holmes is expected to go to prison on 27 April 2023. Holmes is currently charged with four counts of fraud and conspiracy relating to her blood-testing startup Theranos.
As her claims to remain free until she filed the appeal for her case failed, Elizabeth Holmes stated that she would raise some substantial questions which will have a huge impact on her case and that could potentially give way to a new trial in the case.
While Holmes focused on her arguments, the attorney of Elizabeth Holmes brought in the case of her two young children, one of them who was born this year. Her attorney stated that Holmes could remain free in order to take care of her two young children.
While Holmes has not proven that her claims would result in a new trial, the prosecutors of the case also argued that Elizabeth Holmes was at flight risk if she were to be free until the appeal.
The prosecutors cited a one-way flight ticket booking to Mexico for Holes to substantiate their point and to deny the request made by Holmes.
The attorney of Elizabeth Holmes countered the argument by stating that the flight ticket was booked as Holes and her partner Billy Evans were planning to attend a wedding in Mexico and that the booking was made hoping that Holmes would be acquitted.
Attorney defending Elizabeth Holmes made several claims which stated that there were a number of issues regarding the procedures and evidence in the trial of Holmes in lower courts in their appeal submitted to the federal ninth circuit courts of Appeals.
Even though such claims were raised from Holmes’s side, US District Judge Edward Davila wrote in his ruling that even though the appellate court agrees to the claims that errors were made during the trial of Homes, the claims are not substantial or strong enough to make a reversal in the verdict or to give rise to a new trial order.
While the Judge stated that booking an international flight ticket during the time of criminal trial was ‘ill-advised,’ he also added that Holmes was not at flight risk.
He noted that the move was not an attempt to flee the scene and added that making international travel plans by anticipating victory is a bold move but the failure to cancel the booking promptly can only be seen as a careless act.
With the date scheduled for Elizabeth Holmes to report at the prison, the story of once a strong and successful bidding businesswoman is coming to a tragic close.
When Holmes started her career in business and the idea for her blood-testing startup Theranos was announced, she was described as the ‘next Steve Jobs’ and was expected to do magic in her field.
Also Read:- Louisville Bank Shooting: Here’s What We Know So Far
She was thought to rise as one of the best women in business out there with her striking idea. Holmes was also regarded as the youngest self-made billionaire in the world at one point until the true story behind her startup and the much-boasted technology became public.
Elizabeth Holmes joined as an alumnus of Stanford University but she did not complete her course. She dropped out of the university and focused her time entirely on her new business Theranos.
The blood-testing startup was said to revolutionize the field as it claimed to carry out hundreds of blood tests using a simple drop of the blood sample.
As the technology was thought to be a groundbreaking one, Theranos attracted a lot of investors. The company acquired a value of around $9 billion from all its investors and other funding until the true story of the technology became public.
A report published in the Wall Street Journal looked into the technology a step further and proved that the claims made by Holmes and her company Theranos were based on nothing but false claims. The technology was proven to not work as claimed by the company.
Following the reveal of the truth about the company’s technology, Elizabeth Holmes now faces four counts of charges of fraud and conspiracy in matters relating to Theranos. In relation to the case, Sunny Balwani, the former business and romantic partner of Elizabeth Holmes is also scheduled to go to prison by this month.
As for Sunny Balwani, he is charged with 12 counts of fraud and conspiracy and is to serve more than 12 years in prison for all the charges raised against him.
Read More:- Walmart Files Lawsuit Against Credit Card Partner Capital One
