Disgraced Theranos founder Elizabeth Holmes has lost her bid to remain out of federal prison while appealing her conviction for defrauding investors out of millions in one of Silicon Valley's most noteworthy startup failures.
The 90-minute hearing in March, one of Holmes lawyers -- Amy Saharia -- argued that Holmes should be allowed to remain free because of various missteps in the presentation and omission of evidence during her four-month trial that make it likely an appeals court will overturn her conviction on four counts of fraud and conspiracy.
Federal prosecutor Kelly Volkar countered there is"no likelihood for reversal" of Holmes' conviction and asserted that the trial documented seven different categories of deception that she engaged in while running Theranos. But the Edison produced such wildly unreliable results that Theranos began relying on third-party testing equipment already widely used on the market — a switch that Holmes concealed in an effort to keep the company afloat.The two opposing sides also sparred over how much restitution Holmes should pay defrauded investors whose trust briefly boosted her wealth to $4.5 billion based on Theranos' peak value before its collapse.
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Theranos founder Elizabeth Holmes cannot remain free during appeal, judge rulesA U.S. judge on Monday denied Theranos founder Elizabeth Holmes' request to remain free on bail while she appeals her conviction on charges of defrauding investors in the failed blood-testing startup that was once valued at $9 billion. 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 at trial in San Jose, California last year. U.S. District Judge Edward Davila sentenced Holmes to 11 years and three months in prison in November.
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Elizabeth Holmes loses bid to remain free during appealElizabeth Holmes must report to prison as scheduled later this month, a judge ruled, rejecting her request to remain free on bail as she appeals her fraud conviction.
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Elizabeth Holmes loses bid to remain free during appealThe Theranos founder must report to prison as scheduled later this month, a judge ruled, rejecting her request to remain free on bail as she appeals her fraud conviction.
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