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☆ Start-Up Founder Sentenced to 18 Months in Prison for Fraud
  + stars: | 2024-04-19 | by ( Erin Griffith | ) www.nytimes.com   time to read: +1 min
Another start-up founder is going to prison for overstating his company’s performance to investors. His misrepresentations allowed him to raise $117 million in funding from top investment firms, valuing his start-up at $1.1 billion. When HeadSpin’s board members found out about the behavior in 2020, they pushed Mr. Lachwani to resign and slashed the company’s valuation by two-thirds. Mr. Lachwani is at least the fourth start-up founder in recent years to face serious consequences after taking Silicon Valley’s culture of hype too far. Other founders currently in prison for fraud include Sam Bankman-Fried of the cryptocurrency exchange FTX and Elizabeth Holmes and Ramesh Balwani of the blood testing start-up Theranos.
Persons: Manish Lachwani, Lachwani, Sam Bankman, Elizabeth Holmes, Ramesh Balwani
☆ Holmes Says She Can’t Afford $250 Payments to Theranos Victims
  + stars: | 2023-06-15 | by ( Amanda Holpuch | ) www.nytimes.com   time to read: +1 min
Lawyers for the disgraced entrepreneur Elizabeth Holmes said this week that she would be unable to afford to pay $250 each month to victims of her failed-blood testing start-up, Theranos, after leaving prison. Ms. Holmes, 39, began an 11-year, three-month prison sentence in Texas in May after she was found guilty last year of four counts of wire fraud and conspiracy for defrauding investors about her company’s technology and business dealings. Last month, a federal judge in California ordered Ms. Holmes and her former business partner, Ramesh Balwani, to pay $452 million in restitution to investors who were defrauded, including the media mogul Rupert Murdoch. Federal prosecutors asked the U.S. District Court for the Northern District of California last week to correct “clerical errors” in court records. One of the suggested corrections would require Ms. Holmes, as part of her restitution, to pay either $250 or at least 10 percent of her earnings, whichever is greater, each month after she is released from prison.
Persons: Elizabeth Holmes, Holmes, Ramesh Balwani, Rupert Murdoch Organizations: U.S, Northern, Northern District of Locations: Texas, California, Northern District, Northern District of California
☆ Elizabeth Holmes Reports to Prison to Begin More Than 11-Year Sentence
  + stars: | 2023-05-30 | by ( Erin Griffith | ) www.nytimes.com   time to read: +1 min
Ms. Holmes has appealed her case, though her requests to remain out of prison during the appeal have been denied. Ms. Holmes founded Theranos in 2003 after dropping out of Stanford University at age 19. Ms. Holmes and Mr. Balwani were indicted that year. Mr. Balwani was convicted on 12 counts of fraud and is serving a nearly 13-year sentence in a federal prison in San Pedro, Calif. Since her conviction, Ms. Holmes has been living in a rental home in San Diego near the family of Billy Evans, who is the father of her two children.
☆ Elizabeth Holmes Must Report to Prison on May 30 and Pay Restitution
  + stars: | 2023-05-18 | by ( Lora Kelley | ) www.nytimes.com   time to read: +1 min
The LatestElizabeth Holmes, the disgraced founder of the failed blood testing start-up Theranos, who was convicted last year on charges that she defrauded investors of more than $100 million, has lost her latest bid to stay out of prison while she appeals her conviction. Ms. Holmes, whose case cast a harsh light on Silicon Valley’s culture of hubris, must report to prison on May 30, a judge ruled after the U.S. Court of Appeals for the Ninth Circuit rejected her attempt on Tuesday to remain free on bail. Ms. Holmes and her top lieutenant at Theranos, Ramesh Balwani, who was found guilty of fraud in a separate trial and who began serving his prison sentence last month, were also ordered to pay $452 million in restitution to victims of the company’s fraud. Of that total, the judge, Edward J. Davila of the U.S. District Court for the Northern District of California, who oversaw both trials, determined that Ms. Holmes and Mr. Balwani should pay $125 million to the media mogul Rupert Murdoch, who invested in Theranos. Walgreens and Safeway, which had entered into business deals with the company, were also identified as victims for the purposes of restitution.
☆ Former Theranos president Balwani awaits sentencing, government wants 15 years
  + stars: | 2022-12-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Theranos president Balwani awaits sentencing, government wants 15 yearsCNBC's Scott Cohn reports on news from court in San Jose, California, regarding the sentencing of Ramesh Balwani, former Theranos president and boyfriend of founder Elizabeth Holmes..
☆ Judge proposes Theranos CEO Elizabeth Holmes serve her 11-year sentence in a 'minimum-security' Texas prison camp
  + stars: | 2022-11-23 | by ( Marielle Descalsota | ) www.businessinsider.com   time to read: +2 min
A district judge proposed for Holmes to be sent to a prison camp at Bryan, Texas, court records show. Holmes was sentenced to 135 months in prison on November 18. District Judge Edward Davila recommended for Holmes to be designated to the Federal Prison Camp at Bryan, Texas, according to a November 21 filing. The Federal Prison Camp in Bryan is a minimum-security prison that houses female inmates. Holmes was sentenced to 135 months, or 11 years and 3 months, in prison on November 18.
☆ The Epic Rise and Fall of Elizabeth Holmes
  + stars: | 2022-01-03 | by ( David Streitfeld | ) www.nytimes.com   time to read: +2 min
“I’m 21,” Ms. Holmes said. “I’m gonna go tell my two children, they better get off their duffs,” Ms. Gunn exclaimed. Ms. Holmes was asked about her future, and gave the stock Silicon Valley response: You ain’t seen nothing yet. Not, in other words, a fool with regard to Silicon Valley. Yet he told The New Yorker in 2014 that Ms. Holmes “has sometimes been called another Steve Jobs, but I think that’s an inadequate comparison.
Persons: Moira Gunn, Elizabeth, ”, “, ” Ms, Holmes, I’m, Ms, Gunn, Theranos, Ramesh Balwani, William Perry, Bill Clinton, Holmes “, Steve Jobs, Steve Organizations: Tech, Stanford, New Yorker Locations: Silicon
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