Theranos founder settles SEC lawsuit, forfeits company control
Theranos' founder Elizabeth Holmes was charged with "massive fraud."
LEARN MOREApril 26, 2023
Elizabeth Holmes got a last-minute reprieve that will keep her out of prison for the time being.
According to The Associated Press, lawyers for Holmes informed U.S. District Judge Edward Davila that they are appealing the decision which would have forced Holmes to report to prison on April 27.
It's unclear when the Appeals Court will rule on the appeal, but it could keep her out of prison for at least several weeks.
Holmes is the founder of the blood testing company Theranos.
She was convicted of wire fraud and conspiracy last year and sentenced to 11 years in prison.
Prosecutors said Holmes defrauded investors out of over $100 million during her years running a company that promoted a blood-testing device that never worked.
Davila is said to have recommended that Holmes serve out her sentence at the Federal Prison Camp in Bryan, Texas, according to court filings.
The facility is a minimum-security women's prison that sits about 100 miles outside of Houston and holds nearly 600 inmates on a 37-acre piece of land.
Holmes will go to prison leaving behind two young children. She gave birth to her first child in July 2021. She told the court in March that she had just given birth to her second child.
