Disgraced Theranos founder Elizabeth Holmes must begin serving her time behind bars while she appeals her conviction for defrauding investors in her failed blood-testing firm, a court has ruled sallyguyoncourt reports
of four counts of defrauding investors in her firm Theranos and sentenced in November the same year.
She had asked the Court of Appeals to pause her sentence on 25 April, two days before she was to report to prison, while her lawyers have been fighting her conviction on the grounds of alleged mistakes and misconduct during her trial.Her former partner Balwani, 57, sentenced to 13 years in prison for 12 counts of fraud and conspiracy, began serving his sentence in April at a southern California jail after losing his attempt to remain free while appealing his conviction.
Ramesh ‘Sunny’ Balwani, the former lover and business partner of Theranos CEO Elizabeth Holmes, is already serving his prison sentence for his part in the fraud. dubbed Holmes the world’s youngest female self-made billionaire in 2014 and she was hailed “the next Steve Jobs”, when she was 30. After dropping out of Stanford University, she founded the biotech firm in 2003 and her stake in Theranos was reported to eventually be worth $4.5bn.
The company, once valued at $9bn, purported to have devised technology which could conduct blood tests which required just a few drops of blood.Her downfall has since been the subject of a bookThe Inventor: Out for Blood in Silicon Valley
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