Convicted Silicon Valley fraudster Elizabeth Holmes is scheduled to report to a federal prison in Texas on Tuesday to begin her more than 11-year sentence.
Her motives are still somewhat mysterious, and some supporters say federal prosecutors targeted her unfairly in their zeal to bring down one of the most prominent practitioners of fake-it-til-you-make-it — the tech sector's brand of self-promotion that sometimes veers into exaggeration and blatant lies to raise money.
The prison is no 'Club Fed.' Currently it houses reality TV star Jen Shah and Jenna Ryan, who was convicted for participating in the Jan. 6 riots at the US Capitol. Before those lies were uncovered in a series of explosive articles in The Wall Street Journal beginning in October 2015, Holmes raised nearly $1 billion from a list of savvy investors including Oracle co-founder Larry Ellison and media mogul Rupert Murdoch. It was the duping of those investors that led to her prison sentence and a $452 million restitution bill.
Holmes also signed off on surveillance aimed at intimidating Theranos employees who helped uncover the flaws with the blood-testing technology. The whistleblowers included Tyler Shultz, the grandson of former Secretary of State George Shultz, whom Holmes befriended and persuaded to join the Theranos board.
According to those supporters, Holmes was singled out because she was a woman who briefly eclipsed the men who customarily bask in Silicon Valley's spotlight, and the trial turned her into a latter-day version of Hester Prynne — the protagonist in the 1850 novel"The Scarlet Letter." Balwani's lawyer, Jeffrey Coopersmith, denied those allegations during the trial. In Balwani's subsequent trial, Coopersmith unsuccessfully tried to depict his client as Holmes' pawn.
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