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      Elizabeth Holmes’ no good, very bad day: Bail denied and a bill for $452 million

      news.movim.eu / ArsTechnica · Wednesday, 17 May, 2023 - 21:06

    Elizabeth Holmes (C), founder and former CEO of blood-testing and life sciences company Theranos, walks with her mother Noel Holmes and partner Billy Evans into the federal courthouse for her sentencing hearing on November 18, 2022, in San Jose, California.

    Enlarge / Elizabeth Holmes (C), founder and former CEO of blood-testing and life sciences company Theranos, walks with her mother Noel Holmes and partner Billy Evans into the federal courthouse for her sentencing hearing on November 18, 2022, in San Jose, California. (credit: Getty | AMY OSBORNE )

    Convicted fraudster Elizabeth Holmes had a rough Tuesday.

    The judge in her fraud case, US District Judge Edward Davila, ordered her and her ex-boyfriend, Ramesh "Sunny" Balwani, to pay $452 million in restitution to defrauded investors of their infamous and now defunct blood-testing company, Theranos. Holmes, the company's founder and former CEO, and Balwani, the former president, are jointly responsible for paying back the entirety of the hefty sum.

    Meanwhile, a three-judge panel for the US Court of Appeals for the 9th Circuit denied Holmes' last-ditch effort to stay out of prison while she appeals her conviction. Last month, Holmes' challenged Davila's previous denial of bail, asking the 9th Circuit appeals court to weigh it. The move triggered an automatic delay to the start of her 11-year-and-three-month prison term while the appeals court reviewed her argument. Davila had previously ordered her to report to prison on April 27.

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      Elizabeth Holmes gets bail extension one day before prison term start

      news.movim.eu / ArsTechnica · Wednesday, 26 April, 2023 - 20:27

    Former Theranos CEO Elizabeth Holmes, alongside her partner Billy Evans, leaves a hearing at the Robert E. Peckham US Courthouse on March 17 in San Jose, California.

    Enlarge / Former Theranos CEO Elizabeth Holmes, alongside her partner Billy Evans, leaves a hearing at the Robert E. Peckham US Courthouse on March 17 in San Jose, California. (credit: Getty | Philip Pacheco )

    Theranos founder Elizabeth Holmes just got a little more freedom—a delay of her 11-year prison sentence, which was previously scheduled to start Thursday, April 27.

    In an unsurprising legal move, Holmes filed a last-ditch motion with the US Court of Appeals for the 9th Circuit, challenging a lower court's denial of bail as she appeals her conviction . Her motion in the appeals court triggered an automatic freeze of the bail denial until the appeals court issues a ruling.

    On April 10, US District Judge Edward Davila denied her request to remain free as she pursued an appeal of her conviction. Davila ruled that her arguments for appealing the conviction did not raise a "substantial question of law or fact" and was unlikely to succeed. Thus, she was ordered to begin her prison term as scheduled.

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      Convicted fraudster Elizabeth Holmes must report to prison, judge rules

      news.movim.eu / ArsTechnica · Tuesday, 11 April, 2023 - 18:53 · 1 minute

    Former Theranos CEO Elizabeth Holmes alongside her partner Billy Evans, leaves a hearing at the Robert E. Peckham US Courthouse on March 17, 2023, in San Jose, California.

    Enlarge / Former Theranos CEO Elizabeth Holmes alongside her partner Billy Evans, leaves a hearing at the Robert E. Peckham US Courthouse on March 17, 2023, in San Jose, California. (credit: Getty | Philip Pacheco )

    Theranos founder Elizabeth Holmes must report to prison later this month as she appeals her conviction of three counts of defrauding investors, a judge ruled Monday, denying her request to remain free on bail as her legal saga continues.

    Holmes skyrocketed to fame in the early 2010s, falsely claiming her company's technology could accurately perform hundreds of medical tests with just a small drop of blood. In 2014, she was a Silicon Valley superstar, and the company was valued at more than $9 billion. But as technological failings and fraud claims came to light, the company imploded.

    In 2018, Holmes was indicted on criminal charges and, last year, was convicted and sentenced to 135 months (11 years and three months) in prison . She has been ordered to report to prison on April 27. The judge in her case, US District Judge Edward Davila, has proposed that Holmes serve her sentence in a relatively cushy, minimum-security women's prison camp in Bryan, Texas, outside of Houston, though the decision of where she will serve is ultimately up to the US Bureau of Prisons.

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      Elizabeth Holmes appeals conviction, 11-year sentence despite bleak outlook

      news.movim.eu / ArsTechnica · Tuesday, 6 December, 2022 - 13:14

    Elizabeth Holmes (C), founder and former CEO of blood-testing and life sciences company Theranos, walks with her mother Noel Holmes and partner Billy Evans into the federal courthouse for her sentencing hearing on November 18, 2022, in San Jose, California.

    Enlarge / Elizabeth Holmes (C), founder and former CEO of blood-testing and life sciences company Theranos, walks with her mother Noel Holmes and partner Billy Evans into the federal courthouse for her sentencing hearing on November 18, 2022, in San Jose, California. (credit: Getty | AMY OSBORNE )

    Disgraced biotech founder Elizabeth Holmes has appealed her criminal fraud conviction and federal prison sentence—a move that was widely anticipated but is seen as unlikely to succeed.

    Holmes was convicted in January on four counts of defrauding investors of her now-defunct blood-testing startup, Theranos, resulting in millions of dollars in loss. Holmes, along with her former romantic partner and Theranos COO, Ramesh "Sunny" Balwani, falsely claimed that their technology could perform more than 200 medical tests with just a few drops of blood. Balwani's sentencing is scheduled for December 7.

    Two weeks ago, Judge Edward Davila of the US District Court for the Northern District of California, who proceeded over the exhaustive trial, sentenced Holmes to 11 years and 3 months in federal prison.

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      Elizabeth Holmes sentenced to 11.25 years in prison for Theranos fraud

      news.movim.eu / ArsTechnica · Friday, 18 November, 2022 - 22:15

    Elizabeth Holmes (C), founder and former CEO of blood testing and life sciences company Theranos, walks with her mother Noel Holmes and partner Billy Evans into the federal courthouse for her sentencing hearing on November 18, 2022, in San Jose, California.

    Enlarge / Elizabeth Holmes (C), founder and former CEO of blood testing and life sciences company Theranos, walks with her mother Noel Holmes and partner Billy Evans into the federal courthouse for her sentencing hearing on November 18, 2022, in San Jose, California. (credit: Getty | Amy Osborne )

    Elizabeth Holmes has been sentenced to 11.25 years in federal prison, plus three years of supervision for her conviction in January on four counts of defrauding investors of her failed blood-testing company, Theranos. Restitution in the case will be determined at a later hearing, not yet set.

    The sentencing is less than the maximum of 20 years set by federal sentencing guidelines, but still more than the nine-year prison sentence recommended by the probation officer in Holmes' case.

    Federal prosecutors had sought 15 years of imprisonment and for Holmes, 38, to pay roughly $804 million in restitution to defrauded investors. Holmes' lawyers, meanwhile, requested just 18 months of house arrest and argued that she has "essentially no assets" and could not pay a nine-figure fine.

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      Elizabeth Holmes loses bid for new trial despite bizarre visit from key witness

      news.movim.eu / ArsTechnica · Tuesday, 8 November, 2022 - 23:16

    Former Theranos CEO Elizabeth Holmes (center) arrives at federal court with her father, Christian Holmes, and partner, Billy Evans, on October 17 in San Jose, California. Holmes appeared in federal court related to an attempt to overturn her fraud conviction.

    Enlarge / Former Theranos CEO Elizabeth Holmes (center) arrives at federal court with her father, Christian Holmes, and partner, Billy Evans, on October 17 in San Jose, California. Holmes appeared in federal court related to an attempt to overturn her fraud conviction. (credit: Getty | Justin Sullivan )

    Elizabeth Holmes, the disgraced founder of the defunct blood-testing startup Theranos, lost her bid for a new fraud trial. That's despite the dramatic twist in the case last month, with Holmes winning a last-minute hearing over a bizarre incident in which the government's star witness against her showed up distraught and disheveled at her home.

    Holmes, who was convicted in January on four counts of criminal fraud for deceiving investors, is now scheduled for sentencing on November 18.

    In a ruling filed late Monday, US District Judge Edward Davila flatly denied Holmes' motions for a new trial, concluding that they didn't include new information relating to her case or establish any misconduct by government prosecutors.

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