Ultimately, the final decision was made about Elizabeth Holmes, who signed a fraud that was so big that it was the subject of movies in Silicon Valley, the center of technology in the world. Holmes, who was sentenced to 11 years and 3 months in prison in November 2022, surrendered to serve his sentence.
In the case, which has been running since 2021, Holmes’ army of lawyers has been trying every possible means at their disposal to avoid punishment. The $10 billion fraudulent scam story came to an end for a while with the surrender of 39-year-old Elizabeth Holmes.
Let’s remember the Holmes of Silicon Valley:
Elizabeth Holmes, a Stanford University graduate, entered Silicon Valley with an idea never heard before. Holmes claimed to have developed a groundbreaking technology in blood test technology, received huge investments from dozens of prestigious investors, and was mentioned many times in the press.
Moreover, he founded the company Theranos, to which he made all these promises, in 2003, when he was only 19 years old. At that time, he managed to receive an incredible amount of investment, such as 700 million dollars. Moreover, in 2013-2014, the value of the company exceeded 10 billion dollars.
Until 2015, Holmes’ technology, which promised fast and highly accurate blood testing with a very small blood sample, had drawn almost no doubt. But what changed the situation was the determination of journalist John Carreyrou of the Wall Street Journal. John brought up the fact that technology doesn’t exist.
As the truth came to light, Holmes’ personal fortune of $4.5 billion was puffed up, and lawsuits and limitations dragged on for years. In 2018, the company was officially closed. Holmes and the company’s president, Sunny Balwani, were formally charged with fraud in November 2018. The lawsuits took place in 2021 and 2022, when COVID-19 intervened.
Holmes was sentenced to an all-female minimum security prison in Texas.
To learn the story of Holmes in full detail:
Here’s a different story:
56201
