In November 2022, she was sentenced to serve 11 + 1⁄ 4 years in prison. ended in January 2022 when Holmes was convicted of defrauding investors, and acquitted of defrauding patients. In June 2018, a federal grand jury indicted Holmes and Balwani on fraud charges. Securities and Exchange Commission (SEC) charged Theranos, Holmes, and former Theranos chief operating officer (COO) Ramesh 'Sunny' Balwani with raising $700 million from investors through a 'massive fraud' involving false or exaggerated claims about the accuracy of the company's blood-testing technology Holmes settled the charges by paying a $500,000 fine, returning 18.9 million shares to the company, relinquishing her voting control of Theranos, and accepting a ten-year ban from serving as an officer or director of a public company. The decline of Theranos began in 2015, when a series of journalistic and regulatory investigations revealed doubts about the company's claims and whether Holmes had misled investors and the government. In the following year, as revelations of potential fraud about Theranos's claims began to surface, Forbes revised its estimate of Holmes's net worth to zero, and Fortune named her in its feature article on 'The World's 19 Most Disappointing Leaders'. In 2015, Forbes had named Holmes the youngest and wealthiest self-made female billionaire in the United States on the basis of a $9-billion valuation of her company. The company's valuation soared after it claimed to have revolutionized blood testing by developing methods that needed only very small volumes of blood, such as from a fingerprick. Sunny Balwani (2003–2016), Billy Evans (2019-present)Įlizabeth Anne Holmes (born February 3, 1984) is an American former biotechnology entrepreneur who, in 2022, was convicted of fraud in connection to her blood-testing company, Theranos.

Conspiracy to commit wire fraud (1 count)ġ1 + 1⁄ 4 years (135 months) in prison.

Bad blood startup