CEO of Theranos, Elizabeth Holmes has presented herself to the federal prison to serve her 11-year jail sentence. Holmes was pronounced guilty in 2022 for fraud related to her blood testing corporation.
She and her ex- romantic and business partner Balwani who’s also serving a 13- year jail sentence in Carlifonia were charged with defrauding most well known investors like Rupert Murdoch and George Shultz, former US Treasury Secretary into supporting Theranos.
The firm collapsed in 2018 after it failed to fulfill its promise of using technology to discover conditions like diabetes with few drops of blood.
On Tuesday,the Federal Bureaus of Prisons confirmed her arrival in Bryan ,Texas which accommodates about 500 to 700 prisoners.
The story of Holmes is being used as a warning to other firms in the US who make false claims about their technology for financial backing.
Holmes was found guilty on January 3rd, 2022 on four charges of scamming investors, three of wire fraud and one of conspiracy to commit wire fraud. She received a sentence of 11 years in jail in November 2022.
Investigations reveal that she defrauded her investors of an estimated amount of $700 million.