Thursday, 22 Feb 2024

Elizabeth Holmes owes more than $25m to Theranos, lawsuit claims

Elizabeth Holmes owes more than $25m to Theranos, lawsuit claims


Elizabeth Holmes owes more than $25m to Theranos, lawsuit claims

Elizabeth Holmes currently owes more than $25m to Theranos, according to a lawsuit.

The disgraced founder of Theranos was sentenced last November to more than 11 years in prison for defrauding investors, after being convicted over her role in the blood testing firm that collapsed after its technology was revealed to be largely fraudulent.

According to the lawsuit reviewed by CNBC, Holmes executed several promissory notes during her time as Theranos CEO. In 2011, she executed two promissory notes in August and December in the amounts of $9,159,333.65 and $7,578,575.52, respectively. Then, in December 2013, Holmes executed a promissory note in the amount of $9,129,991.10.

The initial two notes are overdue and the payment for the third note is due in December, according to the lawsuit.

Holmes, who was convicted on four counts of wire fraud and conspiracy to commit wire fraud, was ordered to self-surrender to prison on 27 April. However, her attorneys have been attempting to delay the beginning of her sentence, despite prosecutors arguing that Holmes should start serving the sentence instead of living on a California estate with an alleged monthly upkeep of over $13,000.

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