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Elizabeth Holmes along with a former top Theranos executive Ramesh "Sunny" Balwani was convicted for defrauding investors. The duo were accused of duping some of the world's richest and prominent investors into backing Theranos

Theranos Founder, Elizabeth Holmes, begins 11 year prison term

Elizabeth Holmes along with a former top Theranos executive Ramesh "Sunny" Balwani was convicted for defrauding investors. The duo were accused of duping some of the world's richest and prominent investors into backing Theranos

Elizabeth Holmes, the disgraced founder of Theranos, has begun her 11 years of prison term. She has reported to the federal facility in Bryan, Texas that holds about 600 to 700 inmates.
Holmes could be seen escorted by a police official to the federal prison facility.&nbsp;
"We can confirm Elizabeth Holmes has arrived at the Federal Prison Camp Bryan... and is in the custody of the Federal Bureau of Prisons," the authority said in a brief statement
Elizabeth Holmes along with a former top Theranos executive Ramesh "Sunny" Balwani was convicted for defrauding investors. Balwani is now spending a 13 year jail term in California and was earlier ordered to pay $452m to victims. The duo were accused of duping some of the world's richest and prominent investors into backing Theranos.
Some of the investors include media baron Rupert Murdoch, Oracle founder Larry Ellison and pharmacy chain Walgreens. The board of the firm also consisted of former top US government officials Henry Kissinger, George Shultz and Jim Mattis.
However, things took a turn when The Wall Street Journal did an investigative report on the validity of the tests. Theranos was working on perfecting an easy-to-use test kit that could carry out a wide range of medical diagnostics with just a few drops of blood. The firm promised that the Edison test could detect conditions such as cancer and diabetes quickly without the hassle of needles. However, it was discovered that the technology didn't work at all.
The firm that once was valued at $9 billion, collapsed in 2018.&nbsp;
&nbsp;

Theranos fraud: Elizabeth Holmes sentenced to 11 years in prison

The closely watched case became an indictment of Silicon Valley, and US federal prosecutors had sought a 15-year jail term for Holmes. She was sentenced to 135 months.

Fallen US biotech star Elizabeth Holmes was sentenced Friday to just over 11 years in prison for defrauding investors with her Silicon Valley start-up firm.
The Theranos founder had been convicted on four felony fraud counts in January for persuading investors that she had developed a revolutionary medical device before the company flamed out after an investigation by The Wall Street Journal.
The closely watched case became an indictment of Silicon Valley, and US federal prosecutors had sought a 15-year jail term for Holmes. She was sentenced to 135 months.
US attorney Stephanie Hinds said the sentence "reflects the audacity of her massive fraud and the staggering damage she caused."
Also Watch| <a href="https://www.editorji.com/business-news/elizabeth-holmes-conviction-the-theranos-fraud-everything-you-need-to-know-about-this-startup-scam-1641266922396">Elizabeth Holmes' conviction &amp; the Theranos fraud, everything you need to know about this startup scam</a>
"For almost a decade, Elizabeth Holmes fabricated and spread elaborate falsehoods to draw in a legion of capital investors, both big and small, and her deceit caused the loss of hundreds of millions of dollars," the prosecutor said in a statement following the judge's decision.
Holmes, who is pregnant, will not have to surrender herself until April next year, ordered US District Judge Edward Davila in a courtroom in San Jose, California.
Holmes's lawyer indicated she will appeal her conviction.
Moments before her sentencing, a tearful Holmes told the court: "I stand before you taking responsibility for Theranos. I loved Theranos. It was my life's work."
She added: "I am devastated by my failings. Every day for the past years I have felt deep pain for what people went through because I failed them."
"I gave everything I had to building our company and trying to save our company."

Who is Sunny Balwani? The name splashed across headlines as Silicon Valley's most watched trial of Elizabeth Holmes' concluded with a conviction that could send the startup founder to jail for 20 years. Holmes  shocked the courtroom when she gave an emotional testimony that she suffered emotional and sexual abuse for a decade by Ramesh “Sunny” Balwani, her boyfriend who was also the president of Theranos. He also faces multiple counts of fraud allegations and is up for trial this month.Balwani’s early career was in software. He was a Northern California sales manager for Microsoft, selling the company’s products to executives at other firms. Holmes met Balwani in 1999 when she is was 18 and he was 38. Holmes started Theranos in 2003 and just six years later Balwani joined as its president, despite having no background in medicine or pharmaceuticals.Little is known about Sunny, whose given name is Ramesh had a 12 year relationship with now branded felon Holmes. The Silicon Valley entrepreneur’s relationship with her ex-boyfriend Balwani is documented in podcast The Dropout and book Bad Blood by John Carreyrou. While Balwani has denied the abuse claims, he wasn’t in the courtroom to defend himself because he faces a separate trial over the same fraud charges. “He impacted everything about who I was, and I don’t fully understand that,” Holmes told the jury during the trial. 

Theranos fraud: Who is Ramesh ‘Sunny’ Balwani? 

Holmes  shocked the courtroom when she gave an emotional testimony that she suffered emotional and sexual abuse for a decade by Ramesh “Sunny” Balwani, her boyfriend who was also the president of Theranos. He also faces multiple counts of fraud allegations and is up for trial this month.

https://www.scmp.com/magazines/style/celebrity/article/3161530/inside-elizabeth-holmes-and-ramesh-sunny-balwanis-secret

Holmes jolted the courtroom as she alleged that she&nbsp;suffered emotional and sexual abuse for a decade by Ramesh &ldquo;Sunny&rdquo; Balwani, her boyfriend who was also the president of Theranos.&nbsp;

Who is Sunny Balwani? The name splashed across headlines as Silicon Valley's most watched trial of Elizabeth Holmes' concluded with a conviction that could send the startup&nbsp;founder to jail for 20 years.&nbsp; Watch|&nbsp;<a title="Elizabeth Holmes' conviction &amp; the Theranos fraud, everything you need to know about this startup scam&nbsp;" href="https://www.editorji.com/business-news/elizabeth-holmes-conviction-the-theranos-fraud-everything-you-need-to-know-about-this-startup-scam-1641266922396">Elizabeth Holmes' conviction &amp; the Theranos fraud, everything you need to know about this startup scam&nbsp;</a> Holmes&nbsp; shocked the courtroom when she gave an emotional testimony that she suffered emotional and sexual abuse for a decade by Ramesh &ldquo;Sunny&rdquo; Balwani, her boyfriend who was also the president of Theranos. He also faces multiple counts of fraud allegations and is up for trial this month. Balwani&rsquo;s early career was in software. He was a Northern California sales manager for Microsoft, selling the company&rsquo;s products to executives at other firms. Holmes met Balwani&nbsp;in 1999 when she was 18 and he was 38.&nbsp;Holmes started Theranos in 2003 and just six years later Balwani joined as its president, despite having no background in medicine or pharmaceuticals. Little is known about Sunny, whose given name is Ramesh&nbsp;had a 12 year relationship with now branded felon Holmes.&nbsp;The Silicon Valley entrepreneur&rsquo;s relationship with her ex-boyfriend Balwani is documented in podcast The Dropout and book Bad Blood by John Carreyrou.&nbsp; While Balwani has denied the abuse claims, he wasn&rsquo;t in the courtroom to defend himself because he faces a separate trial over the same fraud charges. &ldquo;He impacted everything about who I was, and I don&rsquo;t fully understand that,&rdquo;&nbsp;Holmes told the jury during the trial.&nbsp;

Theranos Fraud Case: Former Theranos CEO Elizabeth Holmes was found guilty of criminal fraud and conspiracy ending a lengthy trial that has captivated Silicon Valley. 

Elizabeth Holmes & Theranos fraud, everything you need to know about this startup scam

Elizabeth Holmes’ fall from her Forbes power list to convicted felon marks one of the most dramatic descents in Silicon Valley history.

Elizabeth Holmes' conviction & the Theranos fraud

Jury finds Theranos founder Elizabeth Holmes guilty on multiple charges in criminal fraud trial

Former Theranos CEO Elizabeth Holmes was found guilty of criminal fraud and conspiracy ending a lengthy trial that has captivated Silicon Valley. Holmes could now face up to 20 years in prison for her role building the $9 billion blood-testing <a href="https://www.editorji.com/business-news/elizabeth-holmes-conviction-the-theranos-fraud-everything-you-need-to-know-about-this-startup-scam-1641266922396" target="_blank">startup&nbsp;Theranos</a>&nbsp;that collapsed in scandal. Also watch|&nbsp;<a title="Apple sets record with $3 trillion marketcap, it's bigger than India's GDP" href="https://www.editorji.com/business-news/markets/apple-sets-record-with-3-trillion-marketcap-it-s-bigger-than-india-s-gdp-1641273222921">Apple sets record with $3 trillion marketcap, it's bigger than India's GDP</a>
<h3>Theranos: The $9 billion startup</h3>
Holmes who&nbsp;raised $945 million from high-profile investors including Rupert Murdoch and the Walton Family (owners of <a href="https://www.editorji.com/story/outstanding-walmart-ceo-on-tripling-exports-from-india-to-10-bn-1607663362018" target="_blank">Walmart</a>) claimed to the disruptor in the $75 billion&nbsp;blood testing industry.&nbsp;Elizabeth Holmes, the 31-year-old founder of the company claimed&nbsp;the company could do effective blood tests that only a finger prick &mdash; and could deliver results of up to 30 tests in hours using its own lab testing instrument (called "Edison machines")
<h3>Startup to scandal</h3>
Then in October, the Wall Street Journal published an&nbsp;eye-catching&nbsp;investigation&nbsp;into Theranos, finding that the company's revolutionary claims were overblown. Theranos has allegedly been collecting blood samples the traditional way and then diluting them so they could be run on machines made by other companies.&nbsp; Holmes who was dubbed by <a href="https://www.editorji.com/entertainment-news/south/rashmika-mandanna-aces-forbes-list-of-most-influential-south-social-media-stars-1634545695709" target="_blank">Forbes</a> as the youngest female self-made billionaire faced various lawsuits, including one Holmes settled with the Securities and Exchange Commission, and the Justice Department&rsquo;s investigation and prosecution.
<a href="https://www.editorji.com/business-news/mamaearth-is-now-worth-a-billion-dollars-meet-the-first-unicorn-of-2022-and-its-already-profitable-1641208065830" target="_blank">Mamaearth is now worth a billion dollars! Meet the first unicorn of 2022 and its already profitable</a> &nbsp; A jury in San Jose, California, returned the verdict after hearing three months of testimony and unless the decision is overturned on appeal Holmes the as long as 20 years in prison, though she&rsquo;s likely to be sentenced to far less than that.

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