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.
According to court documents filed Monday, Judge Edward Davila ruled that the portion of the conviction that Holmes is appealing is not likely to be overturned. A jury found Holmes guilty in January 2022 on four counts of fraud in connection with her leadership at Theranos. In November, she was sentenced to more than 11 years in prison.
In his latest decision, 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."
Davila said Holmes' conviction was not solely based on that issue, but also about the company's finances, purported corporate partnerships and her false claims to investors.
“Whether the jury heard more or less evidence that tended to show the accuracy and reliability of Theranos technology does not diminish the evidence the jury heard of other misrepresentations Ms. Holmes made to investors,” Davila said.
Davila did concur that Holmes does not represent a flight risk, despite her fiancé, Billy Evans, having purchased a one-way ticket to Mexico for them that was scheduled to depart a few weeks after the jury had rendered its verdict.
Dec. 8, 202200:21
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