Money & Power

Theranos Scandal: Founder Faces Criminal Charges, But She Insists She's Not Guilty

Here's an update on what the disgraced Theranos founder has been up to-from the ongoing legal proceedings to her new fiancé.
IMAGE KIMBERLY WHITE/GETTY IMAGES
Comments
  • Theranos founder Elizabeth Holmes is once again facing public scrutiny, thanks to a podcast from ABC News, and a much-hyped HBO documentary premiering tonight.
  • Holmes is currently awaiting a criminal trial—here are the details on what she's up against, and how she's been spending her days in the meantime.

    Elizabeth Holmes was once touted as a trailblazing CEO, with a Forbes-estimated net worth of $4.5 billion. Her company, Theranos, was hailed as revolutionary for the health industry.

    Thanks to some dogged reporting by the Wall Street Journal's John Carreyrou, and subsequent investigations by the FBI, DOJ, and SEC, that's all gone up in smoke.

    For better or worse, Holmes's story is far from over—and due to ABC News's podcast The Dropout and HBO's documentary The Inventor: Out for Blood in Silicon Valley, there's a renewed interest in just what the once-beloved Theranos founder is up to these days. Below, everything we know about Holmes, from her ongoing legal proceedings to her new fiancé.

    HOLMES HAS BEEN CHARGED BY BOTH THE DEPARTMENT OF JUSTICE AND THE SECURITIES AND EXCHANGE COMMISSION.

    In June of 2018, the DOJ charged Holmes and Theranos's former COO, Ramesh "Sunny" Balwani, with 11 criminal felony counts—and there could be more coming. Assistant U.S. Attorney John C. Bostic told Vanity Fair that the "story is bigger than what’s captured in the [original] indictment," and it "doesn’t capture all the criminal conduct."

    ADVERTISEMENT - CONTINUE READING BELOW

    The SEC also charged Holmes and Balwani with "raising more than $700 million from investors through an elaborate, years-long fraud." Holmes chose to settle for $500,000, and agreed not to serve as an officer or director of a public company for 10 years. Balwani opted to fight the charges in court; the trial has yet to take place.


    ADVERTISEMENT - CONTINUE READING BELOW
    Elizabeth Holmes speaks at the Fortune Global Forum in November 2015.

    THE TRIAL HAS YET TO TAKE PLACE.

    A date has not yet been set for Holmes and Balwani's trial. Neither have publicly admitted to any wrongdoing, and both have pleaded not guilty. If convicted, they each face up to 20 years in prison.

    Per ABC News, Holmes and Balwani are both expected to appear in a San Francisco court for a status hearing on April 22.


    ADVERTISEMENT - CONTINUE READING BELOW
    Ramesh Balwani leaves a federal court in San Jose on January 14, 2019.

    WHAT ELSE SHE'S UP TO

    According to Vanity Fair, Holmes is living in a luxury apartment in San Francisco. She's engaged—to a "hospitality heir"—and is reportedly "chirpy" and "chipper," despite it all.

    And job-wise? It seems that Holmes is keen on founding a new company. "Last I heard about Elizabeth Holmes is that she is currently in Silicon Valley trying to start a new company and seeking funding for it," a source told ABC News.

    *This article originally appeared on Townandcountrymag.com

    *Minor edits have been made by the Townandcountry.ph editors

    Comments
    About The Author
    Chloe Foussianes
    View Other Articles From Chloe Foussianes
    Comments
    Latest Stories
     
    Share
    With the demand for luxury goods currently exploding in China, the mogul has now become the third-ever centibillionaire in history.
     
    Share
    His infamous Upper East Side mansion is just one of the properties in the disgraced financier's vast real estate portfolio, and each of them seems to have a creepy story.
     
    Share
    The viral app is raising some very important questions on privacy.
     
    Share
    Through Frances Valentine, the label Kate founded three years ago, her friends have vowed to keep her spirit-and aesthetic-alive.
     
    Share
    Is this a frou-frou spot? No, it isn’t. Is it worth it? Yes, start easy.
     
    Share
    The 109-lot auction is expected to fetch a tidy sum, given the stunning items on the block.
     
    Share
    Bonnie's mom's health seems to be deteriorating, while Celeste continues to fight Mary Louise for custody.
     
    Share
     
    Share
    Wow, they really just put a bunch of CGI fur on famous actors, didn't they?
     
    Share
    These inspiring high school graduates have aced their high school and are ready to take the next step towards a world-class education.
    Load More Articles
    CONNECT WITH US