Elizabeth Holmes: Theranos founder's bid to remain out of prison on appeal denie...
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Elizabeth Holmes: Theranos founder's bid to remain out of prison on appeal denied
a ruling over Holmes' request
Elizabeth Holmes, convicted founder and CEO of the collapsed blood-testing startup, Theranos, has been denied a request to remain out of prison while she appeals her conviction on charges of defrauding the biotech company’s investors.
In an order filed late Monday, U.S. federal district court judge Edward Davila said Holmes must report to prison on April 27.
Holmes, 37, was convicted by a federal jury in January 2022 of defrauding investors in the once high-flying Silicon Valley company. On 11 counts of criminal fraud, the jury returned guilty verdicts on three counts of wire fraud and one count of conspiracy to commit wire fraud.
Holmes could make another bid to remain free on bail during her appeal. The 9th Circuit Court of Appeals, in San Francisco where her appeal is pending, is empowered to decide if Holmes must follow Davila’s order.
In his order, Judge Davila disagreed with the government's contention that Holmes presents a flight risk, though agreed with prosecutors' arguments that an appeal of her case would not change the outcome reached in district court.
"Even though Ms. Holmes had presented clear and convincing evidence that she would not flee, the court does not find that she has raised a 'substantial question of law or fact' that is 'likely to result in reversal or an order for a new trial of all counts,'" Davila wrote.
Holmes started Theranos in 2003 at 19 years old, after dropping out of Stanford University. The company shuttered in 2016 amid regulatory pressure and after a Wall Street Journal expose that showed Theranos’ touted ‘finger stick’ blood tests couldn’t produce the hundreds of tests it promised.
She was indicted in 2018 after Theranos imploded, along with Theranos COO and her onetime boyfriend, Sunny Balwani. Investments in Theranos, combined with its skyrocketed valuation, once made Holmes the wealthiest self-made female billionaire.
Following the jury’s verdict, U.S. Federal District Court Judge Edward Davila sentenced Holmes to 11 years and three months in prison. The surrender date of April 27 afforded Holmes to remain out of custody for the delivery of her second child.
TechCrunchElizabeth Holmes is denied request to stay out of prison
Former Theranos CEO and convicted fraud Elizabeth Holmes is expected to go to prison on April 27 for a sentence of more than 11 years. After Holmes was found guilty on four fraud counts last year, her lawyers have made numerous attempts to delay her incarceration, like petitioning for a new trial. Now Judge Edward Davila, who presided over her high-profile case, has denied her request to stay out of prison on bail.
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