Connect with us

Hi, what are you looking for?

English

Theranos founder Holmes stays out of prison with appeal – AFR


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.

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.

#Theranos #founder #Holmes #stays #prison #appeal

You May Also Like

Business

State would join dozens of others in enacting legislation based on federal government’s landmark whistleblower statute, the False Claims Act

press release

With a deep understanding of the latest tech, Erbo helps businesses flourish in a digital world.

press release

#Automotive #Carbon #Canister #Market #Projected #Hit #USD New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) —  According to a comprehensive research report by Market...

press release

Barrington Research Analyst James C.Goss reiterated an Outperform rating on shares of IMAX Corp IMAX with a Price target of $20. As theaters...