Elizabeth Holmes, who was convicted of defrauding investors in her now-defunct blood testing startup Theranos, is scheduled to begin serving an 11-year federal prison sentence May 30, The Wall Street Journal reported.
Ms. Holmes was found guilty of wire fraud and conspiracy to commit wire fraud and ordered to pay $452 million in restitution along with former boyfriend and top Theranos executive Ramesh "Sunny" Balwani, who is serving a nearly 13-year prison term, according to the May 30 story.
Theranos, once valued at more than $9 billion, had claimed to revolutionize medical testing using just a finger-prick blood sample that could quickly and cheaply test for more than 200 health conditions, the newspaper reported. The company was found to only be able to do 12 tests with this method and secretly use and alter devices already on the market.
The U.S. District Court in Northern California recommended Ms. Holmes serve her time at a minimum-security women's prison camp in Bryan, Texas, according to the story.