![]() In his restitution ruling, Mr Davila determined that Holmes and Balwani should pay Murdoch 125 million dollars (£100.3 million) – by far the most among the investors listed in his order. Those sophisticated investors all lost their money after a Wall Street Journal investigation and regulatory reviews exposed dangerous flaws in Theranos’s technology. ![]() While pursuing that audacious ambition, Holmes raised nearly one billion dollars (£800 million) from a list of well-heeled investors which included Oracle co-founder Larry Ellison and media mogul Rupert Murdoch. She also said she never stopped believing Theranos would revolutionise healthcare with a technology that she promised would be able to scan for hundreds of diseases and other potential problems with just a few drops of blood. The trial’s most riveting moments unfolded when Holmes took to the witness box to give evidence in her own defence.īesides telling how she founded Theranos as a teenager after dropping out of Stanford University in 2003, Holmes accused Balwani of abusing her emotionally and sexually. The verdict against Holmes came after a 46-day trial which cast a spotlight on a culture of greed and hubris that infected Silicon Valley as technology became a more pervasive influence on society and the economy during the past 20 years. ![]() He was incarcerated in a Southern California prison last month after losing a similar effort to remain free on bail while appealing his conviction. Rupert Murdoch invested in Theranos (PA)īalwani, 57, began a nearly 13-year prison sentence in April after being convicted on 12 counts of fraud and conspiracy last July. It has not been disclosed whether the federal Bureau of Prisons accepted Mr Davila’s recommendation or assigned Holmes to another facility. Mr Davila has recommended that Holmes serves her sentence at a women’s prison in Bryan, Texas. Holmes’s pregnancy with Invicta - Latin for “invincible” or “undefeated” - began after a jury convicted her on four counts of fraud and conspiracy in January 2022. ![]() The punishment will separate Holmes from her current partner, William ‘Billy’ Evans, their one-year-old son, William, and three-month-old daughter, Invicta. Mr Davila will now set a new date for Holmes, 39, to leave her home in the San Diego area and report to prison. She had been previously ordered to surrender to authorities on April 27 by Mr Davila, who sentenced her in November. Former Theranos boss Elizabeth Holmes arrives at a federal court in October (Jeff Chiu/AP) The Ninth Circuit Court of Appeals decision on Holmes’s attempt to avoid prison comes nearly three weeks after she deployed a last-minute legal manoeuvre to delay the start of her 11-year sentence. Holmes is being held jointly liable for that amount with her former lover and top Theranos lieutenant, Ramesh ‘Sunny’ Balwani, who is already in prison after being convicted on a broader range of felonies in a separate trial. In another ruling issued late on Tuesday, US district judge Edward Davila ordered Holmes to pay 452 million US dollars (£362.6 million) in restitution to the victims of her crimes. Disgraced Theranos boss Elizabeth Holmes looks set for prison after an appeals court rejected her bid to remain free as she tries to overturn her conviction in a blood-testing hoax that brought her fleeting fame and fortune. ![]()
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