Elizabeth Holmes Prison Reporting Deadline Set for May 30: Latest Update

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Elizabeth Holmes, the disgraced founder of Theranos, has been ordered by Judge Edward Davila to report to prison by May 30. This comes after her last-ditch effort to avoid starting her 11-year sentence was denied by an appellate court. The judge's filing on Wednesday stated that Holmes must turn herself in to the Bureau of Prisons to begin serving her term for defrauding investors.

Initially, Holmes was instructed to begin her sentence on April 27. However, just before her scheduled prison term, she filed an appeal with the Ninth Circuit Court of Appeals in a desperate attempt to remain free on bail while she fought to overturn her conviction. Unfortunately for Holmes, the Ninth Circuit court denied her request in a filing on Tuesday.

In response, Holmes' attorneys requested a new surrender date of May 30 from Judge Davila. They cited the need for Holmes to make necessary preparations, including medical and child-care arrangements, before commencing her sentence. After considering the request, Davila agreed to the new surrender date.

The district court had previously recommended that Holmes serve her term at the Federal Prison Camp in Bryan, Texas. This facility will likely be her place of incarceration, subject to final confirmation by the Bureau of Prisons.

Meanwhile, on Tuesday, Judge Davila also ordered Holmes and her former boyfriend and Theranos COO, Ramesh "Sunny" Balwani, to pay approximately $452 million in restitution to the victims of their fraudulent actions. In his filing, Davila stated that Holmes and Balwani would be jointly and severally liable for the entire sum. This means that each individual could be held responsible for the full amount.

Balwani, who was indicted and convicted alongside Holmes in a separate trial, began serving his nearly 13-year sentence last month. Like Holmes, he had lost a last-minute appeal to remain free on bail.

Elizabeth Holmes gained notoriety when she dropped out of Stanford University at the age of 19 to pursue her startup, Theranos. The company claimed to have developed groundbreaking technology capable of performing a wide range of tests using only a few drops of blood. With a valuation of $9 billion at its peak, Theranos attracted substantial investments, and Holmes became a billionaire on paper.

However, the company's credibility quickly crumbled after a Wall Street Journal investigation in 2015 revealed that Theranos had performed only a fraction of the tests it claimed to offer, and with questionable accuracy. It was also uncovered that Theranos relied on devices from traditional blood testing companies instead of its own supposedly revolutionary technology.

In conclusion, Elizabeth Holmes has been ordered to report to prison by May 30 to begin her 11-year sentence for defrauding investors while leading Theranos. Her last-minute attempts to avoid imprisonment were unsuccessful, and she will be held liable for approximately $452 million in restitution. Holmes' fall from grace serves as a cautionary tale about the consequences of fraudulent practices in the business world.