Convicted · 11+ years Elizabeth Holmes & Theranos — Fraud Dressed as Innovation

Theranos promised a revolution — hundreds of medical tests from a single drop of blood — and at its peak was valued at $9 billion. The technology did not work. In January 2022 a jury convicted founder Elizabeth Holmes of one count of conspiracy and three counts of defrauding investors via wire transfers totalling over $140 million; in November 2022 she was sentenced to 135 months (11 years, 3 months) and ordered to pay $452 million in restitution. Her partner and COO Ramesh "Sunny" Balwani was convicted separately and sentenced to nearly 13 years. A federal appeals court upheld her conviction in 2025. As the sentencing judge framed it, fraud cannot masquerade as innovation. Holmes has since asked for early release; the request was pending as of 2025.