Elizabeth Holmes’s appeal to stay out of prison denied by judge
Brady Knox
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An appeals court denied Theranos founder Elizabeth Holmes’s attempt to stay out of prison pending her conviction appeal.
The 9th Circuit Court of Appeals ruled on Tuesday that Holmes failed to bring forward a “substantial question” of law and that her conviction was unlikely to be overturned. She was originally supposed to report to prison on April 27, but the date was automatically delayed with her appeal. The new prison date was not released.
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“Appellant’s motion for bail pending appeal … is denied,” the court ruled. “Appellant has not shown that: (1) the appeal raises a ‘substantial question’ of law or fact that is ‘fairly debatable,’ and (2) if that question is decided in appellant’s favor, the likely outcome is reversal, an order for a new trial on all counts resulting in imprisonment, a sentence that includes no term of imprisonment, or a sentence with a term of imprisonment less than time served plus the expected duration of the appeal process.”
The same day, Judge Edward Davila of the Northern District of California ruled that Holmes must pay $452 million in restitution to investors and other big companies she defrauded.
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Holmes was convicted on four counts of lying to investors on Jan. 3, 2022. She was sentenced to more than 11 years in prison.