Berliner Tageblatt - Theranos founder Holmes ordered to prison, pay victims

NYSE - LSE
RBGPF 100% 59.24 $
CMSC 0.13% 24.672 $
GSK 0.77% 33.96 $
AZN 2.09% 65.63 $
NGG 1.63% 63.11 $
RYCEF -0.15% 6.79 $
SCS 1.73% 13.27 $
VOD 1.52% 8.73 $
RELX 2.12% 46.75 $
BCC 2.38% 143.78 $
RIO -0.35% 62.35 $
BCE 0.34% 26.77 $
BTI 1.07% 37.38 $
BP 0.67% 29.72 $
CMSD 0.06% 24.46 $
JRI -0.15% 13.21 $
Theranos founder Holmes ordered to prison, pay victims
Theranos founder Holmes ordered to prison, pay victims / Photo: © GETTY IMAGES NORTH AMERICA/AFP

Theranos founder Holmes ordered to prison, pay victims

Fallen US biotech star Elizabeth Holmes must begin serving prison time after a judge denied her latest request to remain free while appealing her fraud conviction.

Text size:

Holmes was sentenced to just over 11 years in prison for defrauding investors with her Silicon Valley start-up Theranos.

She was scheduled to begin doing time behind bars in late April, but her lawyers lodged a last-minute appeal on procedural issues after an earlier attempt was denied.

US Judge Edward Davila on Tuesday denied the new request and in a separate ruling ordered Holmes and her top Theranos lieutenant, Ramesh "Sunny" Balwani, to pay $452 million to victims of their fraud.

Holmes is to report to prison on May 30 to begin serving her sentence, Davila said in a written order.

According to media reports, the judge has recommended that she do her time at a women's prison in Texas.

Holmes was found responsible of duping investors into believing that she had developed a revolutionary medical device.

The 39-year-old became a star of Silicon Valley when she said her start-up was perfecting an easy-to-use test kit that could carry out a wide range of medical diagnostics with just a few drops of blood.

But her company flamed out after a Wall Street Journal investigation into the validity of the tests.

Holmes had a child shortly before her trial and has had a second since her conviction.

J.Horn--BTB