Elizabeth Holmes, the founder and former CEO of Theranos, is predicted to report back to a federal jail camp in Bryan, Texas, on Tuesday to start serving her 11-year sentence for fraud.
Holmes was convicted in January 2022 of 4 counts of fraud and conspiracy to commit fraud. She was discovered responsible of defrauding buyers, docs, and sufferers concerning the capabilities of Theranos’ blood testing know-how.
Theranos was based in 2003 with the promise of revolutionizing blood testing by making it quicker, cheaper, and extra handy. Holmes, who was simply 19 years outdated on the time, was hailed as a wunderkind and the “subsequent Steve Jobs.”
Nevertheless, Theranos’ know-how by no means lived as much as its guarantees. In 2015, The Wall Road Journal revealed a collection of articles that exposed that Theranos’ blood testing machines have been unreliable and inaccurate.
Theranos was pressured to close down its blood testing labs and lay off most of its workers. Holmes and former Theranos president Ramesh Balwani have been indicted on fraud costs in 2018.
Balwani was convicted of fraud and conspiracy to commit fraud in January 2022. He’s scheduled to be sentenced in September.
Holmes’ sentencing was delayed a number of occasions because of the COVID-19 pandemic. She was lastly sentenced in January 2023.
Holmes has appealed her conviction. Nevertheless, it’s unclear whether or not her enchantment will probably be profitable.
Holmes’ case is a cautionary story concerning the risks of startup tradition and the significance of due diligence. It’s also a reminder that even essentially the most promising corporations can fail if they don’t seem to be primarily based on sound science and engineering.
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