Elizabeth Holmes Must Report to Prison by May 30

Elizabeth Holmes has been given a deadline to report to prison by May 30, according to a judge’s decision.

This comes after her last-minute attempt to avoid starting her sentence was rejected by an appellate court the day before.

Judge Edward Davila, who presided over Holmes’ trial, issued an order on Wednesday stating that she must surrender herself to the Bureau of Prisons by May 30 to commence her 11-year sentence.

Holmes had initially been directed to begin her sentence on April 27, but she filed a late appeal with the Ninth Circuit Court of Appeals, seeking to remain free on bail while she appealed her conviction.

On Tuesday, the Ninth Circuit court denied Holmes’ request to stay out on bail during her appeal.
In a filing on Wednesday, Holmes’ attorneys requested that Davila set a new surrender date of May 30, stating that she needed time to make necessary preparations, including medical and child-care arrangements, before beginning her sentence.

Davila agreed to the new surrender date.

Earlier, the district court recommended that Holmes serve her term at the Federal Prison Camp in Bryan, Texas.

In a separate ruling on Tuesday, Davila ordered Holmes and her former boyfriend and former Theranos COO Ramesh “Sunny” Balwani to pay restitution of approximately $452 million to the victims of their fraudulent activities.

Davila wrote in the filing that Holmes and Balwani would be jointly and severally liable for the amount, meaning that each of them could be held individually responsible for the entire sum.

Balwani, who was indicted alongside Holmes and convicted of fraud in a separate trial, began serving his nearly 13-year sentence last month after losing a similar last-minute appeal.

Elizabeth Holmes, who dropped out of Stanford at the age of 19, dedicated her full attention to Theranos, a health tech startup that claimed to have developed technology capable of accurately testing for various conditions using only a few drops of blood.

Theranos managed to raise $945 million from prominent investors and reached a valuation of approximately $9 billion at its peak, making Holmes a billionaire on paper.

However, the company’s reputation unraveled following a Wall Street Journal investigation in 2015.

The report revealed that Theranos had conducted only a small number of the tests it offered using its proprietary technology, and even those results were questionable.

It also emerged that Theranos relied on third-party devices from traditional blood testing companies instead of its own technology.