Elizabeth Holmes, former Theranos CEO, is headed to prison after an appeals court rejected the proposition that she remain free while the disgraced medtech mogul attempts to overturn her conviction. Holmes has been sentenced to 11 years in prison for falsely reporting on her blood-testing technology to investors.
The Ninth Circuit Court of Appeals' ruling comes almost three weeks after Holmes attempted to circumvent her 11-year sentence by resorting to a last-minute legal maneuver, per Politico. Holmes had previously been ordered to surrender to the authorities on April 27 by US District Judge Edward Davila, who had brought down the sentencing in November.
The report noted that Davila is now prepared to set a new date for Holmes to leave her home in San Diego and subsequently report to prison. She will be leaving behind her partner, William “Billy” Evans, a one-year-old son, and a three-month-old daughter.
Though Davila had suggested that Holmes serve her sentence at a women’s facility in Bryan, Texas, it has not yet been made clear if the Bureau of Prisons will heed Davila’s recommendation, or if Holmes will be housed at another facility.
The recent verdict against the medtech mogul comes after 46 days of trial testimony and other evidence that revealed the seedy underbelly of a company that was laced with greed, something that has permeated Silicon Valley as technology has become more pervasive.
Holmes reportedly received $1 billion in funding from loaded investors, such as Rupert Murdoch and Larry Ellison, co-founder of Oracle. However, these investors appear to have lost their money after an investigation spearheaded by the Wall Street Journal revealed that there were dangerous flaws within Theranos’ technology.
The BBC reported that, according to a separate ruling, Holmes has been ordered by Davila to pay $452 million to victims.
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