Judge Denies Elizabeth Holmes’ Request to Remain Free on Bail While She Appeals Fraud Conviction

A U.S. District Court judge has ruled that Elizabeth Holmes, founder and CEO of the disgraced blood-testing company Theranos, cannot remain free on bail while she appeals her fraud conviction. Judge Edward Davila of the Northern District of California denied Holmes’ request to remain free while she appeals her conviction, setting the stage for the disgraced Theranos founder to report to prison later this month.

Holmes was sentenced to more than 11 years in prison last November, after she was convicted months earlier on multiple charges of defrauding investors while running the failed blood-testing company. In his latest decision, Judge Davila noted Holmes is challenging her conviction based on rulings about what evidence was presented during her trial, specifically about whether Theranos products “worked as promised.”

In his order, Judge Davila said Holmes does not pose a danger to the community or a flight risk, but he cast doubt on her appeal. According to court documents filed Monday, Judge Davila ruled that the portion of the conviction that Holmes is appealing is not likely to be overturned.

The ruling marks the latest development in the long-running saga of Theranos, which was once valued at $9 billion. The company was founded by Holmes in 2003 and promised to revolutionize the blood-testing industry by offering cheaper, faster tests. However, the company was later exposed as a fraud, and Holmes was charged with multiple counts of fraud and conspiracy.

The ruling means that Holmes will have to report to prison later this month to begin serving her sentence. It is unclear how long she will remain in prison, as her appeal is still pending. However, the judge’s ruling casts doubt on her chances of success.