Theranos Founder Elizabeth Holmes Jailed 11 Years for Defrauding Investors Denied Bail Request During Appeal, Raised $900 Million from Investors Including Murdoch & Walton Family
15th April 2023 | Hong Kong
Theranos founder & CEO and Stanford dropout Elizabeth Holmes who had been sentenced to 11 years jail for defrauding investors (November 2022), had been denied a bail request during her appeal by a United States judge. The United States District Judge Edward Davila concluded even if Elizabeth Holmes wins her appeal, it will not result in a reversal of her guilty verdict. Theranos was once valued at $9 billion, having raised more than $900 million from billionaires including media tycoon Rupert Murdoch ($125 million), Walton Family (Walmart) and DeVos Family Office ($100 million, co-founder of American multi-level marketing company Amway and owner of NBA Basketball Team Orlando Magic). More info below.
“ Theranos Founder Elizabeth Holmes Jailed 11 Years for Defrauding Investors Denied Bail Request During Appeal, Raised $900 Million from Investors Including Murdoch & Walton Family “
Theranos COO & Former Boyfriend of Elizabeth Holmes Ramesh Sunny Balwani Sentenced to 13 Years Jail for Defrauding Investors & Patients
8th December 2022 – Theranos former COO (Chief Operating Officer) & former boyfriend of Theranos founder Elizabeth Holmes Ramesh Sunny Balwani had been sentenced to 13 years jail (12 years & 11 months 7/12/22) for defrauding investors & patients, and will be required to report to prison on 15th March 2023. Ramesh Balwani was born in Pakistan, moved to India at a young age and immigrated to United States thereafter. He was President of CommerceBid.com, and the company was acquired by Commerce One in 2000. In 2000, he sold his shares in the company for $40 million, just before the 2000 Dotcom crash. Ramesh Balwani, who later became boyfriend of Elizabeth Holmes, met her when he was 37 and Elizabeth Holmes at age 18 in her senior high school. In November 2022, Theranos founder & CEO and Stanford dropout Elizabeth Holmes had been sentenced to 11 years jail for defrauding investors with jurors finding her guilty on 4 counts of fraud (and required to surrender on 27th April 2022). Theranos was once valued at $9 billion, having raised more than $900 million from billionaires including media tycoon Rupert Murdoch ($125 million), Walton Family (Walmart) and DeVos Family Office ($100 million, co-founder of American multi-level marketing company Amway and owner of NBA Basketball Team Orlando Magic). More info below:
Theranos Founder Elizabeth Holmes Jailed 11 Years for Defrauding Investors, Raised $900 Million from Investors Including Murdoch & Walton Family
Elizabeth Holmes: “I am devastated by my failings. I have felt deep pain for what people went through, because I failed them. I regret my failings with every cell of my body.”
Judge Edward Davila: “Failure is normal. But failure by fraud is not OK.”
19th November 2022 – Theranos founder & CEO and Stanford dropout Elizabeth Holmes has been sentenced to 11 years jail for defrauding investors with jurors finding her guilty on 4 counts of fraud (and required to surrender on 27th April 2022). Theranos was once valued at $9 billion, having raised more than $900 million from billionaires including media tycoon Rupert Murdoch ($125 million), Walton Family (Walmart) and DeVos Family Office ($100 million, co-founder of American multi-level marketing company Amway and owner of NBA Basketball Team Orlando Magic). Judge Edward Davila determined that Elizabeth Holmes had caused $121 million in losses to investors, and the amount she will need to repay will be decided at another court hearing. In January 2022, Elizabeth Holmes was convicted of defrauding investors for 3 wire fraud charges (using electronic communications to make false statements). Elizabeth Holmes had made false statements to investors that it has the technology to revolutionise the healthcare industry with a simple & affordable testing device (Edison) that could detect illness such as cancer and diabetes with only a few droplets of blood. She had founded Theranos in 2003 at the age of 19, and drop out of Stanford University in 2004. In September 2022, Elizabeth Holmes had seek a retrial but her appeal was rejected. More info below.
Theranos Founder Elizabeth Holmes
Theranos Founder Elizabeth Holmes Seeks Retrial for Conviction of Defrauding Investors, Raised $900 Million from Investors Including Murdoch & Walton Family
9th September 2022 – Theranos founder & CEO and Stanford dropout Elizabeth Holmes is seeking a retrial for her conviction of defrauding investors in January 2022, citing key prosecution witness (Adam Rosendorff, former Theranos lab director) showing up at her residence (8/8/22) and sharing that the government (prosecution) had twisted his testimony, “that the government made things sound worse than they were when he was up on the stand during his testimony.” In January 2022, Elizabeth Holmes was convicted of defrauding investors for 3 wire fraud charges (using electronic communications to make false statements). Elizabeth Holmes had made false statements to investors that it has the technology to revolutionise the healthcare industry with a simple & affordable testing device (Edison) that could detect illness such as cancer and diabetes with only a few droplets of blood. She had founded Theranos in 2003 at the age of 19, and drop out of Stanford University in 2004. Theranos was once valued at $9 billion, and have raised more than $900 million from billionaires including including media tycoon Rupert Murdoch ($125 million), Walton Family (Walmart) and DeVos Family Office ($100 million, co-founder of American multi-level marketing company Amway and owner of NBA Basketball Team Orlando Magic).
DeVos Family Office RDV Corp Invested $100 Million into Elizabeth Holmes Theranos
DeVos Family Office RDV Corp, the co-founder of American multi-level marketing company Amway and owner of NBA Basketball Team Orlando Magic with more than $5 billion fortune, had invested $100 million into Stanford University drop-out Elizabeth Holmes medical-startup and blood-testing device Theranos Inc in 2014, according to a representative of DeVos Family Office in a legal proceeding. In 2014, Lisa Peterson who manages private equity investments at DeVos Family Office RDV Corp, testified that Elizabeth Holmes was hand-picking 5 to 6 private families to invest in her firm, and had on hindsight, misrepresented revenue and blood-testing technology was not invented by Theranos, but by 3rd-party systems. More than $900 million were invested into Theranos, including media tycoon Rupert Murdoch ($125 million) and the Walton Family (Walmart). Betsy DeVos is the former United States Secretary of Education from 2017 to 2021 under Donald Trump Administration. Amway was co-founded by Richard DeVos (1926 – 2018) and Jay Van Andel in 1959, which became one of the most successful multi-level marketing selling health, beauty and home care products.
ABC News: Ex-Theranos CEO Elizabeth Holmes says ‘I don’t know’ 600+ times in depo tapes
60 Minutes Australia: Elizabeth Holmes exposed: the $9 billion medical ‘miracle’ that never existed
CNBC: Where the Elizabeth Holmes trial stands at its halfway point
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