BRYAN,TX(mocsnews.com) – Elizabeth Holmes, who is the founder of Theranos, was booked on Tuesday morning in Texas for four counts of fraud. In January of 2022 Holmes was sentenced to 11 years and 3 months in prison.
Elizabeth Holmes, founder of Theranos arriving to Federal Prison Camp Bryan in Bryan, Texas. May 30,2023
In 2003 Holmes dropped out of Stranford University at 19 years old. She wanted to start a company where she hoped the technology could diagnose a multitude of medical conditions at the prick of a finger. Over the next 20 years Theranos grew to become valued at $9 billion.
The investigation into the company first began when then Wall –Street journalist John Carreyrou reported that the company’s technology couldn’t perform the tasks that it was supposed to. The report also claimed that the technology could deliver false reports.
In March of 2018, the Securities and Exchange Commision had charged Holmes and Theranos Chief Operating Officer Ramesh “Sunny” Balwani with security fraud. Balwani and Holmes were reported to be romantically involved. Theranos stripped Holmes of her of her control of the company and her stake, which later Theranos was dissolved.
Ramesh “Sunny” Balwani arriving to federal court in San Jose, California. Dec. 7,2022
Holmes and Balwani pleaded not guilty to the charges. Holmes’ defense made claims that she was under the influence of Balwani. In which Balwani defense largely denied these allegations. The jury rejected all of Holmes and Balwani’s claims in which they were found guilty. It was suggested that Balwani got a harsher punishment of 13 years. The reason for this is because of his experience of running other companies.
After being charged with four counts of fraud Holmes still denies these claims and makes the following statement, “I still dream about being able to contribute in that space,” she continues to state, “I still feel the same calling to it as I always did and I still think the need is there.”