The Former Forbes ‘Richest Self-Made Woman’ Moves to Texas
She's moving to Texas, but not on her own terms. You could actually say "she's being moved to Texas" instead.
We're talking about a woman who was once valued at over $4 billion, and ranked #1 on Forbes inaugural 'America's 50 Richest Self-Made Women' list. But this woman didn't just have money, she became part of the Harvard Medical School Board of Fellows, was named one of Time magazine's "Time 100 most influential people", has received the Under 30 Doers Award from Forbes, was ranked #73 on Forbes' 2015 list of the "World's Most Powerful Women", named Woman of the Year by Glamour, received an Honorary Doctor of Humane Letters from Pepperdine University. At one point she was awarded the 2015 Horatio Alger Award of the Horatio Alger Association of Distinguished Americans, making her its youngest recipient in history. She had been named Fortune's Businessperson of the Year and had been listed in its 40 Under 40 feature. In 2015 she was a member of Bloomberg's "50 Most Influential".
So who is she?
She's Elizabeth Holmes, the founder, and former CEO, of Theranos. Her company and work is now understood as one of the biggest frauds in American history.
Homes and Theranos told investors, the medical community, and the public that their new blood tests could do everything you expect medical personnel to do with a full "blood draw" with just a finger prick. Basically instead of needing a lot of blood, they just needed a few drips to do everything doctors needed.
But we now know that wasn't true...and she knew that. But Holmes kept telling investors and the public that it was true. She kept raking in money while telling lies, and that is a crime (well, really its only a crime because there were high level investors).
That means Holmes was going to have to pay for these crimes. She was charged with numerous counts of fraud and conspiracy, but wasn't found guilty on all charges. But Holmes was found guilty on 4 counts of Defrauding Investors, 3 counts of Wire Fraud, and one of Conspiracy to Commit Wire Fraud.
For those crimes, she was sentenced to roughly 11 years in prison, and could serve as little as 9 years with "good behavior". She also faced fines, and has a probation term after her prison time.
Homes is now heading to Federal Prison Camp, Bryan in Texas to serve her time.