Elizabeth Holmes lost her final request to remain free on bail while she appeals her fraud conviction.
(Bloomberg) — Elizabeth Holmes lost her final request to remain free on bail while she appeals her fraud conviction.
Following a ruling by the US Court of Appeals in San Francisco, the Theranos Inc. founder on Wednesday proposed to report to prison May 30 to begin her 11 1/4-year sentence after she was convicted by a jury last year of defrauding investors in the blood-testing startup.
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Holmes had won a brief pause delaying the start of her prison term while the appeals court considered her request. She can still pursue her appeal of her conviction, but must do so from prison.
Her lawyers said in a court filing Wednesday that the proposed two weeks before she begins her sentence will give her time to make medical and child-care arrangements. Prosecutors have no objection to the May 30 reporting date, according to the filing.
Former Theranos President Ramesh “Sunny” Balwani’s request for bail while he appeals his conviction was also denied. He reported to prison last month to begin his 13-year sentence.
Read More: Elizabeth Holmes Makes Plea to Put Off Prison as She Appeals
In a separate order, US District Judge Edward Davila, who presided over the trials of both Holmes and Balwani, ordered them to pay $452,047,268 in victim restitution, saying they are jointly liable for the amount. Davila determined that $125 million is owed to Theranos investor Rupert Murdoch and the judge designated lesser amounts for 13 other fraud victims. Both Holmes and Balwani have said in court filings they can’t afford to pay the nine-figure sums the government demanded from them.
The case is USA v. Holmes, 18-cr-00258, US District Court, Northern District of California (San Jose).
(Updates with prison reporting date in second paragraph.)
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