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Elizabeth Holmes is now a mother of two.
But with an 11-year prison sentence looming, it’s not clear how big a role the disgraced Theranos founder will be able to play in the early lives of her children.
News of the new addition to Holmes’ family came not from a gleeful press release but from court documents in which lawyers for the former CEO asked the judge to allow her to remain free on bail pending her appeal.
Holmes is currently scheduled to report to federal prison on April 27.
“Ms. Holmes has deep ties to the community,” the attorneys explained in papers filed on Tuesday.
“She is the mother of two very young children; she has close relationships with family and friends, many of who submitted letters at sentencing vouching for her good character; and she volunteers with a rape crisis and counseling organization.”
Holmes was convicted on fraud and conspiracy charges in January of 2022.
As you may recall, after gaining fame as a wunderkind in the world of biotechnology, Holmes suffered a fall from grace worthy of Greek tragedy.
In 2015, shortly after she was named the the youngest and wealthiest self-made female billionaire in the country, Holmes’ downfall began in sudden fashion.
A Wall Street Journal exposé cast doubts on Holmes’ claims that she had pioneered new tech that would allow doctors to perform a wide array of tests with just a single drop of blood.
An ensuing SEC investigation found that Holmes had defrauded investors and lied about the lab results of test patients.
Testifying in her own defense at her trial, Holmes claimed that at the time of her transgressions, she was under the sway of Theranos chief operating officer (COO) Ramesh “Sunny” Balwani, with whom she was in a romantic relationship.
Balwani was convicted of 12 counts of fraud himself, and the judge was unpersuaded by Holmes’ sob story.
“The person on trial is 37 years old,” U.S. Attorney John Bostic said in his closing arguments during her trial.
“That is certainly old enough to know the difference between right and wrong.”
In addition to falsifying lab records, Holmes was convicted of telling a very costly lie to investors in 2015, telling them that her company would generate $1 billion in revenue that year, when she knew it would only bring in a few hundred thousand.
Legal experts say it’s unlikely that the judge will allow Holmes to remain out on bail pending the results of her appeal.
We’ll have further updates on this developing story as new information becomes available.
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