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Theranos founder Holmes stays out of prison with appeal
Business and Economy

Theranos founder Holmes stays out of prison with appeal

by  AFP 2 min read
Former Theranos CEO Elizabeth Holmes was to begin serving prison time on April 27 after the judge who presided over her trial denied her bid to remain free
Former Theranos CEO Elizabeth Holmes was to begin serving prison time on April 27 after the judge who presided over her trial denied her bid to remain free. Photo: JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA/Getty Images via AFP
Source: AFP

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Fallen US biotech star Elizabeth Holmes will stay out of prison for now after her lawyers lodged a last-minute appeal to avoid starting her 11 year sentence.

Holmes was set to begin her sentence on April 27 after being found guilty in January 2022 for defrauding investors with her Silicon Valley start-up Theranos.

Earlier this month, Holmes was refused a request to remain free pending her appeal.

Her lawyers on Tuesday informed a US judge that they were appealing that decision, meaning she could remain out of prison for the time it took to decide that request.

Holmes was found responsible of duping investors 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.

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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.

A top aide and ex-boyfriend to the Theranos chief was convicted at a separate trial and is also slated to serve time in prison.

Ramesh "Sunny" Balwani was sentenced to nearly 13 years in prison for his role in what prosecutors argued was a massive fraud perpetuated on Theranos investors and patients.

Source: AFP

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