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Elizabeth Holmes to report to prison after losing bid for release

Elizabeth Holmes was convicted in January 2022 for defrauding Theranos investors. After nearly 15 months, she will soon begin serving her sentence.
Elizabeth Holmes to report to prison after losing bid for release
Posted at 1:02 PM, Apr 11, 2023

A federal judge ruled that Elizabeth Holmes must report for prison while she appeals her conviction.

In January of last year, Holmes was convicted on three charges of wire fraud against investors in her blood-testing company Theranos and one count of conspiracy to commit wire fraud. She was then sentenced to 135 months in federal prison. 

She was ordered to surrender April 27, according to court documents, but she filed a motion to remain free while she appeals her case.

In deciding whether Holmes can remain free, the court looked at a number of factors. One factor District Court Judge Edward Davila was forced to look at was whether Holmes is a flight risk, which he ruled she is not. He also ruled that Holmes would not pose a risk to the community. 

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However, he determined that Holmes has not raised a “substantial question of law or fact” that would overturn the original ruling. 

The Department of Justice claimed Holmes and Ramesh “Sunny” Balwani engaged in “two multi-million-dollar schemes to promote Theranos, a private health care and life sciences company.” Prosecutors said Theranos misrepresented the accuracy of their lab testing to investors.  

Balwani was sentenced to 155 months in prison for fraud.