Theranos fraudster Elizabeth Holmes likely to get jail time in addition to $452 million in restitution

By Jen Krausz on
 May 18, 2023

It looks like disgraced Theranos founder and CEO Elizabeth Holmes will serve jail time in the fraud case against her after an appeals court denied her request to remain free on bail while she attempts to get her conviction overturned.

Holmes defrauded investors including Walgreens, Safeway and Rupert Murdoch out of hundreds of millions of dollars by convincing them the company's blood tests actually worked when they did not.

She is being held jointly liable for $452 million with her former lover and top Theranos lieutenant, Ramesh “Sunny” Balwani, who is already in jail on cases involving Theranos and other felonies.

Holmes was sentenced to 11 years in prison. The mother of two had been ordered to surrender to authorities to begin her sentence on April 27, but managed to delay the beginning of her sentence.

Holmes once had a fortune worth $4.5 billion on paper, and it is thought that she used glowing reports about Theranos to get some of her investors to commit to the company.

There is no current date for Holmes to present herself to the jail to start her sentence.