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Theranos co-found Elizabeth Holmes surrendered to the Bureau of Prisons just before 2 p.m. on Tuesday to serve her 11-year sentence for defrauding investors. The Bureau has the final say on where Holmes will serve her sentence, but the U.S. District Court in Northern California has recommended she serve out her prison sentence at the minimum-security all-female federal prison camp in Bryan, Texas.
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Holmes founded Theranos, the blood testing company in 2003 that boasted of the ability to identify health issues based on a non-invasive blood test, but The Wall Street Journal discovered and subsequently reported that she had lied to investors and customers about the reliability of the tests.
She was charged and convicted in federal court of wire fraud and conspiracy to commit wire fraud and settled a separate civil securities-fraud charge with the Securities and Exchange Commission (SEC). Holmes paid the SEC a $500,000 fine and received a 10-year ban from being an officer or director of any public company.
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