Theranos Founder Elizabeth Holmes Must Report To Prison by May 30

NEW YORK, NY (IANS) – Elizabeth Holmes, the founder of the blood-testing company Theranos who was found guilty of defrauding investors, must report to prison by May 30, a court has ruled.

Judge Edward Davila ordered Holmes to turn herself in to the Bureau of Prisons by May 30 to start serving her 11-year sentence.

The court denied Holmes’ request to remain free on bail pending her appeal.

The judge separately ordered Holmes and Ramesh “Sunny” Balwani, her ex-boyfriend and former Theranos COO, to pay restitution of nearly $452 million to victims of their crimes.

Holmes and Balwani “will be jointly and severally liable for this sum”, the judge wrote in the filing.

Balwani has also been sentenced to almost 13 years in prison.

Holmes was convicted for persuading investors that she had developed a revolutionary medical device before the company flamed out after an investigation.

Balwani in July was found guilty in a separate trial of 10 counts of wire fraud and two counts of conspiracy to commit wire fraud.

Unlike Holmes, Balwani was found to have misled both investors and patients.

Balwani conspired to commit wire fraud against investors between 2010 and 2015, conspired to commit wire fraud between 2013 and 2016 against patients who paid for Theranos’ blood testing services, and that he committed wire fraud against investors and patients.