Theranos founder and CEO, Elizabeth Holmes, was denied bail on May 16, 2023. A federal court ordered her to appear in prison and pay a total of $452 million. for the victims.
Elizabeth Holmes fails in her last attempt to get out of prison pic.twitter.com/E6JRa1pO2v
– zerohedge (@zerohedge)
May 17, 2023
The Ninth Court has just denied Elizabeth Holmes’s bail application. She will begin serving a sentence of more than 11 years in prison for four counts of investor fraud while the Ninth Court considers her appeal. The new self-handover date has yet to be determined. pic.twitter.com/3RzBzIxIyK
– Dorothy Atkins (@doratki)
May 17, 2023
Who is Elizabeth Holmes?
Elizabeth Holmes is a former businesswoman and founder of Theranos, a now-defunct medical technology company. Born on February 3, 1984, Holmes attracted considerable attention as a young businessman who claims to have revolutionized blood testing by developing a device that can perform a wide variety of tests. Tests, including cancer detection, use only a small amount of blood. She graduated from Stanford University at the age of 19 to pursue her business.
Holmes has attracted significant investments, and at its peak, her biotech company Theranos was valued at around $9 billion. She was named “the youngest self-made billionaire”.
However, in 2015, an investigative report by The Wall Street Journal cast serious doubts about the effectiveness and accuracy of Theranos technology, known as the Edison Device. A year later, her company was found to have misled investors, patients, and the public about its product capabilities.
Why did Elizabeth Holmes go to prison?
Subsequent investigations by various regulatory bodies uncovered significant flaws in Theranos’ technology and testing methods. The company has faced numerous lawsuits and legal actions, eventually shutting down in September 2018. Elizabeth Holmes, along with former Theranos president Ramesh “Sunny” Balwani, face criminal charges. of fraud and conspiracy.
Specifically, Holmes and Balwani were accused of misrepresenting the accuracy and reliability of Edison’s device, claiming that it could perform a variety of tests with just a few drops of blood. However, it was found that the technology was flawed and produced unreliable results.
Prosecutors presented evidence that Holmes and Balwani knowingly defrauded investors, including prominent individuals and institutions, in order to grant Theranos substantial funding. They also allege that Holmes and Balwani’s false claims have resulted in patients receiving inaccurate test results, potentially endangering their health.
The trial focused on whether Holmes knowingly misled investors and patients, as well as whether she knowingly participated in the fraud scheme. In the end, the jury found her on four counts of fraud and conspiracy in 2022, and she was sentenced to 11 years in prison.
Holmes had previously been ordered to surrender to authorities on April 27. However, she submitted a request to the appeals court on April 25, two days before she was due to go to prison, requesting a deferment of execution. judgment until the judgment is appealed. An appeals court denied Holmes’ request on Tuesday. In addition, Holmes and Balwani must jointly pay $452 million to the people they defrauded. Compensation will be paid to investors who lost money in Theranos, as well as to patients harmed by the company’s inaccurate blood tests.
U.S. District Judge Edward Davila, who executed the sentence, will set a new date for Holmes to go to jail. Balwani has served 12 years.
There is also a web series about the frauds and lies of Elizabeth Holmes and her partner, starring Amanda Seyfried. Watch the movie trailer here:
Categories: Trends
Source: vcmp.edu.vn