A federal judge has denied disgraced Theranos founder Elizabeth Holmes’ request to remain free on bail while she tries to appeal her conviction for wire fraud.
While a court may allow for a release during an appeal, Holmes does not meet the requirements, as she did not successfully present new evidence that raised a substantial question of law or facts, according to court documents filed on Monday.
Elizabeth Holmes, CEO of Theranos, participates in the closing plenary session of the Clinton Global Initiative 2015 Annual Meeting at the Sheraton New York Times Square Hotel, on Tuesday, Sept. 29, 2015 in New York. (Photo by Greg Allen/Invision/AP)
“Although the Court finds that Ms. Holmes is not a flight risk or a danger to the safety of the community, it is unable to find that she has raised a ‘substantial question of the law or fact’ that if ‘determined favorably to [her] on appeal, [would be] likely to result in reversal or an order for a new trial of all counts on which imprisonment has been imposed,” the document read.
In January 2022, a jury found that Holmes defrauded investors out of more than $100 million involving a blood-testing device that did not actually work. She was subsequently convicted of three counts of wire fraud and one count of conspiracy to commit wire fraud.
The disgraced Theranos founder was later sentenced to 11 years in prison and three years of supervised release, to which she reacted by filing an appeal.
Holmes, who is pregnant with her second child, has been ordered by a federal judge to report to prison on April 27, after she has her baby.
Theranos’ blood-testing device that did not work as advertised was known as the Edison. Investors were told that the device needed only a few drops of blood to scan for hundreds of health problems.
Current tests generally each require a vial of blood, making it both slow and impractical to run more than a handful of patient tests at one time. Therefore, if the Edison had worked, it would have revolutionized health care by making it easier and cheaper to scan for early signs of disease and other health issues.
Holmes had boasted to investors about alleged breakthroughs, which were later proved to be untrue.
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