After being convicted of wire fraud for her dealings with her failed blood startup Theranos, Elizabeth Holmes was hoping to remain free on bail while she appeals the decision. Unfortunately for her, a federal judge has denied her that luxury.
According to court documents filed on Monday, Judge Edward J. Davila of the U.S. District Court Northern District of California denied Holmes’ Motion for Release Pending Appeal. The court ruled that while Holmes is not a risk to her community as a nonviolent criminal and has shown no intention of fleeing, she has not presented new evidence that could lead to her appeal. As NPR notes, Holmes argued in her appeal that the products she promoted through failed biotech startup Theranos were not faulty, while the court argues that this does not address why Holmes was convicted, which is for several counts of wire fraud.
“Although the Court finds that Ms. Holmes is not a flight risk or a danger to the safety of the community, it is unable to find that she has raised a ‘substantial question of law or fact’ that if ‘determined favourably to [her] on appeal, [would be] likely to result in reversal or an order for a new trial of all counts on which imprisonment has been imposed,” the denial of appeal reads. “Based on the foregoing, Ms. Holmes’ Motion for Release Pending Appeal is denied.”
Holmes founded Theranos as a startup in 2003 after she dropped out of Stanford during her undergraduate education. Holmes touted the company’s ability to test a patient’s blood with a single drop using the company’s proprietary technology. The company eventually folded after whistleblowers from within Theranos tipped journalists at The Wall Street Journal in 2015, claiming that the company’s blood-testing technology didn’t work at all.
After a lengthy legal battle, Holmes was eventually found guilty on four counts of wire fraud and conspiracy to commit wire fraud against Theranos investors, as reported by The Wall Street Journal. Holmes was later sentenced to over 11 years in prison in November 2022.
Holmes is expected to report to prison on April 27, 2023.