A federal judge has rejected former Theranos CEO Elizabeth Holmes' request to remain free on bail while she appeals her fraud convictions, Bloomberg reported April 10.
In November, Ms. Holmes was sentenced to more than 11 years in prison for defrauding investors. She was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud in January 2022.
A California judge on April 10 rejected Ms. Holmes' request to remain free on bail, arguing that her appeal would likely not justify a reversal or new trial on all the fraud counts on which she was convicted.
"Whether the jury heard more or less evidence that tended to show the accuracy and reliability of Theranos technology does not diminish the evidence the jury heard of other misrepresentations Ms. Holmes had made to investors," the judge wrote in his ruling, according to Bloomberg.
Ms. Holmes is expected to file an appeal requesting bail with the U.S. Court of Appeals for the 9th Circuit. She is slated to begin her prison sentence April 27.
Former Theranos COO Ramesh "Sunny" Balwani was slated to start his prison term March 16, but an emergency motion filed by his lawyers to the appeals court delayed this date, NBC affiliate KNTV reported April 7. The court rejected Mr. Balwani's bid to remain free, saying his legal team did not provide substantial evidence to suggest his appeal could result in his conviction being overturned.
Mr. Balwani, the ex-boyfriend of Ms. Holmes, was convicted of 12 counts of wire fraud and conspiracy in July. In December, a federal judge sentenced him to nearly 13 years in prison.