The Theranos scandal continues to be one of the most well-known fraud cases in recent history, and the latest development is that founder Elizabeth Holmes must serve time in jail while she pursues an appeal on her conviction.
Holmes was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud in January 2022. Prosecutors alleged that Holmes misled investors about the success of her blood-testing technology from her company Theranos. Holmes had claimed that the test only needed as little as a drop of blood to test for a wide range of conditions.
However, it was later revealed that the technology was not able to do this, and the company had misled investors. Holmes was sentenced to more than 11 years in prison in November for her conviction, and she filed an appeal in December.
Holmes had courted the who’s who of DC and roped them into her company.
Theranos’ board members included members like Gen. Mattis, George Shultz, Henry Kissinger, William Perry and former Wells Fargo Bank CEO Richard Kovacevich.
U.S. District Judge Edward Davila ruled on Monday that Holmes demonstrated that she is not a danger to the community nor would she be a flight-risk if she was able to be free while appealing her conviction. But, he found that Holmes did not raise a “substantial question of law or fact” that is “likely to result in reversal or an order for a new trial on all counts.”
The court has scheduled Holmes to surrender herself to begin her sentence on April 27 at 2 p.m. It is not known how long her appeal process will take, but if it is unsuccessful, she will be required to serve the entirety of her 11-year sentence.