Court denies Elizabeth Holmes' request to remain free while appealing conviction https://t.co/QjS9AqTiM4 pic.twitter.com/tQQ8tu9ZHL
— Reuters (@Reuters) May 17, 2023
Designated NYTimes stenographer Amy Chozick already missing those sweet beachside mimosas!
Theranos founder Elizabeth Holmes and former CEO Ramesh “Sunny” Balwani were on Tuesday ordered to pay $452 million to victims of the blood-testing startup’s fraud, and an appeals court also denied Holmes’ request to remain out of prison while challenging her conviction.
Holmes, who rose to fame after claiming Theranos’ small machines could run an array of diagnostic tests with just a few drops of blood, was convicted last year of misrepresenting the startup’s technology and finances. She was sentenced to 11 years and three months in prison.
Under the restitution order made by Judge Edward Davila in San Jose, California, who also oversaw Holmes’ trial and sentencing, both Holmes and Balwani are equally responsible for the full amount…
Holmes had asked the 9th U.S. Circuit Court of Appeals to pause her sentence on April 25, two days before she was to report to prison.
The court rejected her argument that the appeal is likely to result in a new trial, the threshold for her to remain free on bail. The denial of bail on Tuesday means Davila will now set a new date for her to go to prison…
John Carreyrou, reporter who literally wrote the book on the Theranos swindle:
Holmes will now be reporting to prison on May 30 to serve her 11-year sentence.
— John Carreyrou (@JohnCarreyrou) May 17, 2023