Elizabeth Holmes, who was convicted in January 2022 of multibillion-dollar fraud, has struggled to delay serving an 11-year prison sentence. The 39-year-old recently became a mother to her second child, and she has also appealed the ruling.
On Wednesday, however, the last word was said by the US Court of Appeals. Holmes must begin serving her sentence by May 30, and thus cannot remain a free woman pending an appeal hearing.
Her appeal does not address new material information, and even if it did, that would likely not be enough to result in a new trial or an overturning of the sentence, according to the authorities. The Wall Street Journal.
NOK 1.5 billion fraud
Holmes, who has been dubbed “the next Steve Jobs,” would revolutionize blood sampling with a faster and cheaper device. She founded the biotech company Theranos in 2003, which was worth more than $10 billion at its peak.
In 2014, she graced the cover of Forbes magazine with the award “The World’s Youngest Self-Made Billionaire”.
However, Theranos struggled to get the technology to work, testing blood on regular back-alley machines. With the help of several digs from the Wall Street Journal, it was all revealed as a colossal failure, and Theranos went bankrupt. Holmes was convicted last year of defrauding investors of more than $140 million – 1.5 billion kroner, at today’s exchange rate.
More delays
Originally, Holmes was to go to jail by April 27, but the deadline was extended while the appeals court considered the motion to delay the sentence.
The court recommended that Holmes spend time in the federal prison in Bryan, Texas, facilitating family visits.
Holmes’ lawyers believe there is no danger of her fleeing the country if she is allowed to delay her period further. Shortly after Holmes was sentenced last year, she was ordered a one-way ticket to Mexico, which prosecutors discovered three days before her planned departure.
“It was only after we raised this unauthorized flight with defense attorneys that the flight was cancelled,” they said at the time.
Holmes’ business partner and former romantic interest, Sunny Balwani, also requested that he remain a free man pending his appeal, which was unsuccessful. Balwani was convicted of more charges than Holmes, and was sentenced to nearly 13 years in prison. He began his sentence in April.
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