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Elizabeth Holmes
American biotechnology entrepreneur convicted of fraud
- Entries
- 15
- On the record
- 12
- Stories
- 3
- Latest entry
- Mar 2026
The record
Elizabeth Holmes founded Theranos in 2003 after leaving college in her second year, according to the Securities and Exchange Commission. By 2018 she was its chief executive and board chairman, held super-majority Class B shares that gave her almost complete voting control, and had never sold any of her stock.
Her regulatory record started before any criminal case. Federal laboratory regulators barred her from owning or operating a lab in 2016, Arizona's attorney general won a consumer refund deal from the company in 2017, and the SEC settled civil fraud claims with her in March 2018 without an admission.
The criminal case was built on two schemes in the indictment, one aimed at investors and one at doctors and patients. The jury split along that line: it convicted on investor counts and acquitted on every patient count it decided.
Roles and honours on the record
Every entry, newest first
- Ruled
Davila reduced Holmes's sentence by 12 months, citing revised sentencing guidelines and unproven investor hardship. Elizabeth Holmes and Balwani ordered to pay $452M for Theranos
- Ruled
The Ninth Circuit Court of Appeals rejected Holmes's appeal, affirming her conviction and sentence. Elizabeth Holmes and Balwani ordered to pay $452M for Theranos
- Ruled
U.S. District Judge Edward Davila sentenced Holmes to 11 years and 3 months in federal prison. Elizabeth Holmes and Balwani ordered to pay $452M for Theranos
- Ruled
Jury found her guilty of four of 11 fraud charges, per the New York Times. Biggest founder frauds ranked: Madoff tops, $170B forfeiture
- Ruled
A federal jury convicted Holmes of one count of conspiracy to commit fraud on investors and three counts of fraud on investors. Biggest celebrity frauds ranked: Ebbers's $11B WorldCom first
Stories in this file
Business ยท ๐๏ธ Biggest founder frauds ranked: Madoff tops, $170B forfeiture
Seven names ranked on court and regulator records. Scrushy was acquitted on the HealthSouth fraud counts; the score is an index, not a verdict. ๐
Business ยท ๐ผ Biggest celebrity frauds ranked: Ebbers's $11B WorldCom first
Nine cases rest on court outcomes, one on a guilty plea. Several defendants appealed, and Kenneth Lay died before sentencing. โณ
Business ยท ๐งช Elizabeth Holmes and Balwani ordered to pay $452M for Theranos
A judge set it after Holmes's four-count fraud conviction, then put it on hold over her finances. How much was recovered isn't on record. โณ
The record, entry by entry
- 2003 Filed The SEC's complaint states that Holmes established Theranos as a diagnostics company in 2003, focused on small-sample blood testing, after leaving college during her second year. SEC complaint, SEC v. Holmes (N.D. Cal.)
- 2013 Filed Between 2013 and 2015 she drew a salary of roughly $200,000 to $390,000 a year and exercised about 53.7 million stock options, the SEC complaint says. SEC complaint, SEC v. Holmes (N.D. Cal.)
- 2016-07-07 Reported The Centers for Medicare and Medicaid Services barred Holmes from owning or operating a medical laboratory for at least two years and revoked the Newark lab's license, CNBC reported. She said the company accepted full responsibility for the lab's issues. CNBC report on the CMS sanctions
- 2017-04 Official Theranos agreed in a consent judgment with the Arizona Attorney General to pay $4.65 million in restitution, a full refund for every Arizonan who bought one of its blood tests. Arizona Attorney General, past settlements
- 2018-03-14 Filed The SEC charged Holmes with raising over $700 million through fraud. She settled without admitting or denying it, agreeing to a $500,000 penalty, a ten-year public-company officer and director bar, and giving up majority voting control. SEC press release 2018-41
- 2018-06-14 Filed A federal grand jury returned an indictment charging Holmes and former Theranos president Ramesh Balwani with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. U.S. Attorney, N.D. Cal., case page
- 2020-07 Filed Prosecutors replaced the indictment twice, with superseding versions returned on July 14 and July 28, 2020. U.S. Attorney, N.D. Cal., case page
- 2022-01-03 Ruled The jury acquitted Holmes of the patient-related conspiracy count and three patient fraud counts and deadlocked on three investor counts; one patient count had been dismissed during trial. U.S. Attorney, N.D. Cal., case page
- 2022-11-18 Ruled Alongside the prison term, the court imposed three years of supervised release and no fine, with restitution left for a later hearing. U.S. Attorney, N.D. Cal., case page
- 2023-05-30 Reported Holmes reported to the minimum-security Federal Prison Camp in Bryan, Texas, after an appeals court refused to let her stay free while she appealed, CNBC reported. CNBC report on her surrender
Documents
Sources behind this file
- InvestmentNews report: federal court cuts Holmes sentence
- The Guardian report: Ninth Circuit upholds conviction
- The Guardian report: Holmes begins prison term, $452m restitution
- U.S. Attorney's Office (N.D. Cal.) page on U.S. v. Holmes
- New York Times report on the Holmes verdict
- Washington Post report on the Holmes trial
- New York Times report: Theranos investor losses
- SEC press release: Theranos, Holmes and Balwani charged with massive fraud
- CNBC report: Theranos-Walgreens settlement under $30 million
- Theranos newsroom statement: Arizona restitution agreement