- by foxnews
- 28 Nov 2024
Elizabeth Holmes reported to prison on Tuesday, capping off a stunning downfall for the disgraced founder of failed blood testing startup Theranos.
Her request to remain free on bail while she fights to overturn her conviction was denied by an appellate court earlier this month. Judge Edward Davila, who presided over her trial, ordered Holmes to turn herself in to the Bureau of Prisons by May 30 to begin serving her sentence.
Holmes arrived Tuesday at Federal Prison Camp Bryan in southern Texas, a minimum security federal prison camp that is approximately 100 miles from Houston, where she grew up before moving to California to attend Stanford.
"We can confirm Elizabeth Holmes has arrived at the Federal Prison Camp (FPC) Bryan in Bryan, Texas, and is in the custody of the Federal Bureau of Prisons," a spokesperson for the Bureau of Prisons said in a statement provided to CNN.
Her ex-boyfriend and former Theranos COO Ramesh "Sunny" Balwani was also convicted of fraud, and reported to prison in California last month to begin serving out his sentence.
Holmes was once an icon in the tech world, serving as a posterchild for the limitless ambitions and potential of Silicon Valley. Now, she and Balwani are the rare tech executives tried for, and convicted on, fraud charges.
Theranos ultimately dissolved in September 2018.
This month, Davila ordered Holmes and Balwani to pay restitution of roughly $452 million to victims of their crimes.
Before her sentencing was announced in November, a tearful Holmes spoke to the court in San Jose, California.
"I loved Theranos. It was my life's work," she said. "The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings."
She went on to apologize to the employees, investors and patients of Theranos.
"I'm so, so sorry. I gave everything I had to build our company and to save our company," she said. "I regret my failings with every cell in my body."
- CNN's Brad Parks contributed to this report.
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