If you watched Hulu’s explosive show ‘The Drop Out‘ starring Amanda Seyfried based on the story of Theranos founder Elizabeth Holmes’ fictitious promises to investors and those in the healthcare world, then you know Holmes has a talent for talking and selling a dream.
CNN reports that the scheming founder of Theranos was set to go to jail this Thursday, but she will remain free a while the court looks over a last-minute appeal. Holmes was handed down an 11-year prison sentence to complete after she defrauded multiple investors with her blood-testing startup company.
If you recall, we previously reported that prosecutors had initially hoped to have the 38-year-old serve 15 years in prison on top of asking the judge to fine her $804 million in restitution, which was still a relatively more minor amount than the money she is believed to have made from the investors who were convinced they were putting their money to a groundbreaking cause. Some high-profile names who had invested in the company included media mogul Rupert Murdoch and the wealthiest family in the U.S., the Walton family — whose fortune derives from Walmart.
Holmes hit the pockets of many and even convinced Walgreens to invest almost a billion dollars into Theranos, which Holmes started in 2003 after dropping out of Stanford University dropout. The company was at one point valued at $9 billion, ironically making Holmes the first female billionaire, but all of that soon unraveled.
“I suppose we step back and ask what is the pathology of fraud? Is it the refusal to accept responsibility or express contrition in any way?” said San Jose Judge Edward Davila. “Perhaps that is the cautionary tale that will go forward from this case.”
Holmes spoke out upon learning of her sentence and her failings,
“I stand before you taking responsibility for Theranos,” she said. “I loved Theranos. It was my life’s work. My team meant the world to me. They wanted to make a difference in the world. I am devastated by my failings.”
Before you feel bad for Elizabeth Holmes given her sentence of over 11 years, I would like to remind you at least one brave whistleblower helped expose her fraud and she tried to crush the stories by using her connections to Rupert Murdoch and high powered lawyers.
— Bradley P. Moss (@BradMossEsq) November 18, 2022
Holmes is married to Billy Evas and shares two young kids, both under 2. Prior to today’s news, Holmes was scheduled to head to the U.S. Marshal’s Office, where she would be sent to a federal prison facility. Per reports, it was reported that the Federal Prison Camp at Bryan, Texas, was recommended. It is not clear when she will report to jail now.
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