Holmes, who was charged with defrauding investors in her blood-testing start-up, hoped to stay out of jail while she appealed her conviction
Theranos founder Elizabeth Holmes must begin serving her prison sentence while she appeals against her conviction on charges of defrauding investors in her failed blood-testing startup and must jointly pay $452m in restitution to the victims of her crimes, a court in San Francisco has ruled.
She had asked the ninth US circuit court of appeals to pause her sentence on 25 April, two days before she was to report to prison. The court on Tuesday denied her bail application.The judge will set a new date for Holmes, 39, to leave her current home in the San Diego area and report to prison. Holmes said she believed Theranos could revolutionise healthcare with a technology that she promised would be able to scan for hundreds of diseases and other potential problems with just a few drops of blood.
Both Holmes – whose stake in Theranos was once valued at $4.5bn – and Balwani – whose holdings were once valued around $500m – have indicated they are nearly broke after running up millions of dollar in legal bills while proclaiming their innocence.
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