Elizabeth Holmes’ final request for bail to be granted while she appeals fraud conviction was denied by Bloomberg.
Theranos Inc.’s founder, following a decision by the US Court of Appeals of San Francisco on Wednesday, proposed reporting to prison for her 11 1/4 year sentence. She was convicted last year by a jury of defrauding the investors in the blood testing startup.
Holmes was granted a short pause to delay the start of her sentence while the court of appeals considered her request. She can appeal her conviction but she must do it from prison.
In a filing to the court on Wednesday, her lawyers stated that she will have time to arrange for medical care and childcare if two weeks are allowed before her sentence begins. According to the court filing, the prosecutors have no objections to the May 30, reporting date.
Ramesh “Sunny”, the former Theranos president, was denied bail as he appealed his conviction. He began his 13-year prison sentence last month when he reported to jail.
In another order, US District judge Edward Davila who presided over both Holmes’ and Balwani’s trials, ordered that they pay $452.047.268 as victim restitution. He said the two were jointly responsible for the amount. Davila found that Rupert Murdoch, a Theranos investor, owed $125 million. The judge also assigned lesser amounts to 13 other victims of fraud. Holmes and Balwani both said in court documents that they couldn’t pay the nine-figure amounts the government asked them to pay.
USA v. Holmes is 18-cr00258, US District Court Northern District of California, San Jose.