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Elizabeth Holmes Begins Serving 11-Year Prison Sentence

From Billionaire to Inmate: Elizabeth Holmes Starts Prison Term for Theranos Fraud

Elizabeth Holmes, the founder of Theranos, has started her 11-year prison sentence for defrauding investors with her failed blood-testing startup. She was sent to a minimum-security prison in Bryan, Texas, after being denied bail in May.

The prison facility, located near Houston, can house 500 to 700 inmates and Holmes will now be earning between 12 cents and $1.15 per hour. A large portion of her earnings will go towards restitution payments to victims of the fraud scheme. Holmes was once celebrated as the world’s youngest self-made billionaire but is now facing the consequences of her actions.

A judge has ordered Holmes and her former partner, Ramesh “Sunny” Balwani, to pay $452 million to compensate victims. Balwani is already serving a 13-year sentence in California for his role in the fraudulent activities.

Accused of deceiving prominent investors like Rupert Murdoch and George Shultz, Holmes and Balwani promised revolutionary blood-testing technology that ultimately failed, leading to the collapse of Theranos in 2018.

The Texas prison camp where Holmes is now incarcerated offers various programs for inmates, including language courses, computer literacy classes, and business programs for non-violent offenders like Holmes.

Despite her attempts to stay out of prison during the appeal process, citing care responsibilities for her children, Holmes was ultimately taken into custody. Her imprisonment serves as a stark reminder to Silicon Valley of the consequences of fraudulent practices and false promises in the tech industry.

One investor who suffered losses in Theranos expressed satisfaction with Holmes’s sentence, highlighting the lack of accountability shown by Holmes throughout the legal proceedings. Holmes, in her emotional statement before sentencing, acknowledged her shortcomings at Theranos but did not admit to criminal actions.

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