Elizabeth Holmes Is Jailhouse Bound. Disgraced Theranos Founder Begins Prison Sentence The former Theranos CEO is set to serve 11 years in prison after she was convicted on multiple charges of defrauding investors.
- Elizabeth Holmes reported to prison on May 30 to serve her 11-year sentence.
Despite Elizabeth Holmes' last-ditch effort to avoid prison time, her request to remain free on bail while she files to appeal her conviction was rejected by the court on May 17, according to Reuters.
Holmes was convicted on several counts of defrauding investors and sentenced to 11 years in prison in November. She has been appealing her conviction with her lawyers alleging mistakes and misconduct during her trial.
Holmes was supposed to begin her sentence on April 27, which was delayed after her last-minute request.
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At the May 17 hearing, U.S. District Judge Edward Davila also ordered the disgraced Theranos founder to pay $452 million in restitution to her victims, according to reports.
Ramesh "Sunny" Balwani, Theranos' former COO and Holmes' former romantic partner, already began his 13-year prison sentence for several counts of fraud in April, but he and Holmes are both being held jointly liable for the amount of restitution.
Judge Davila has recommended a women's prison in Bryan, Texas, for Holmes to serve her sentence, however, it's not yet known if the federal Bureau of Prisons will honor the recommendation.
Holmes is now expected to report to prison on May 30.
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Elizabeth Holmes isn't trading in her black turtle neck for an orange jumpsuit just yet.
The former Theranos CEO – who was set to start her 11-year prison sentence on Thursday after she was convicted in November on multiple charges of defrauding investors – will remain free, for now, following a last-minute appeal.
Holmes was scheduled to report to prison on April 27 after a judge denied her request to remain free while she appeals her conviction, per CNN. However, Holmes' legal team filed to appeal the judge's decision on Tuesday, allowing her to remain free on bail while the court considers her last-minute appeal.
Additionally, Holmes cited the birth of her second child when she filed her initial appeal to postpone the start of her sentence.
Former Theranos COO and Holmes' ex-boyfriend, Ramesh "Sunny" Balwani, reported to prison in April to begin his 13-year sentence. He was convicted of fraud charges in a separate trial.