Elizabeth Holmes loses final bid to stay out of prison in fraud conviction

By Joel Rosenblatt

Elizabeth Holmes lost her final request to remain free on bail while she appeals her fraud conviction.
 

The ruling Tuesday by the US Court of Appeals in San Francisco means the Theranos Inc. founder will soon have to report to prison 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.

Holmes had won a brief pause delaying the start of her prison term while the appeals court considered her request. The appeals panel upheld the lower-court judge who presided over Holmes’s trial and denied her request for bail. She can still pursue her appeal of her conviction, but must do so from prison.

Former Theranos President Ramesh “Sunny” Balwani’s similar request was also denied. He reported to prison last month to begin his 13-year sentence.

The case is USA v. Holmes, 18-cr-00258, US District Court, Northern District of California (San Jose).