Elizabeth Holmes, the founder of Theranos, made claims regarding revolutionising blood testing through their technology, and flagship device, Edison. As per the assertions of Theranos, the devices of the biotech startup could diagnose disease with a few drops of blood. The startup was once valued at $9billion.Holmes also appeared in a documentary titled The Inventor: Out for Blood in Silicon Valley, which further contributed to the general publicity associated with her venture. But by 2015, the technology advances that were promised by Holmes and Theranos proved false with continued investigations, and the company dissolved in 2018. Dubbed as one of the youngest and wealthiest self-made female billionaires by Forbes in 2015, Holmes' biotech company, Theranos, was eventually charged with raising $700 million from investors through fraud involving exaggerated or false claims regarding her company's technology in 2018 by the SEC. The dwindling of the startup began through a series of journalistic and regulatory investigations reports in 2015 raised doubts regarding the authenticity of claims made by Theranos and Holmes. Holmes was later accused of various counts of fraud, was tried and convicted of several counts.Holmes was sentenced to 11 years and 3 months in prison and is presently serving the sentence in the Federal Prison Camp at Bryan, Texas. Elizabeth Holmes's fraud case background and chargesDisgraced Theranos Founder Elizabeth Holmes Appears In Court For A Restitution Hearing - Source: GettyAs reported on December 20, 2022, by the BBC, Elizabeth Holmes started Theranos at the age of 19 and asserted that the biotech startup would diagnose diseases using very small amounts of blood without major inconvenience. Believing in her assertion, the investors supported Theranos, raising over $700 million. Eventually, in 2015, it started to become clear that devices made by Theranos couldn't perform the promised technology and were fake. From investigations, it was revealed that the company was using commercially accessible equipment supplied by other manufacturers while making claims to investors about using Theranos's proprietary testing technology and equipment.Prosecutors allege that both Holmes and the former Chief Operating Officer, Ramesh "Sunny" Balwani, understood that the Theranos testing technology did not work as required. Despite actually knowing that the devices were unreliable, both continued raising funds from investors by making false claims.In 2018, the two were indicted on felony wire fraud and conspiracy charges. A jury subsequently convicted Holmes in January 2022 of four felonies, three counts of wire fraud, and one count of conspiracy to commit wire fraud. Holmes was subsequently sentenced to pay $452 million in restitution along with Balwani.Read More: How did Sabrina Carpenter feel wrapping up her Short n' Sweet Tour? Pop star reflects on 14-month global run in heartfelt Instagram postPrison sentence and life behind barsAccording to a report by USA Today, Elizabeth Holmes was sentenced to her prison term in November of 2022 by Judge Edward Davila and began serving her prison time on May 30, 2023. Her release date was scheduled to be December 23, 2032, but with the possibility of good time credits. She resolved civil charges with the SEC in 2018 by paying $500,000 as a penalty, returning $18.9million shares to Theranos, giving up her voting control, and agreeing to a ten-year ban from serving as an officer or director of a public company.As of now, Elizabeth Holmes is at Federal Prison Camp Bryan, a minimum-security prison located in Texas. Her long-time partner, Billy Evans, and their two children visit Holmes in prison. Photographs of Elizabeth Holmes released in November 2025 show her celebrating Thanksgiving with her spouse, Billy Evans, and their two small children. This took place in the prison yard. The photographs display Holmes lifting weights, playing with her children, and conversing with Evans. These photos have been released in addition to numerous others over the course of the previous twelve months.Read More: When did Chris Pratt and Anna Faris divorce? Details explored amid their rare Thanksgiving hug