Theranos co-founder Elizabeth Holmes loses bid to avoid prison, gets hit with US$452 million restitution bill
- US appeal court denied Elizabeth Holmes’ request to remain out of prison while challenging her conviction
- In a separate order, Theranos co-founders were ordered to pay US$452 million to victims of the startup’s fraud
Disgraced Theranos CEO Elizabeth Holmes appears to be soon bound for prison after an appeal court on Tuesday rejected her bid to remain free while she tries to overturn her conviction in a blood-testing hoax that brought her fleeting fame and fortune.
In another ruling issued late on Tuesday, US District Judge Edward Davila ordered Holmes to pay US$452 million in restitution to the victims of her crimes.
Holmes is being held jointly liable for that amount with her former lover and top Theranos lieutenant, Ramesh “Sunny” Balwani, who is already in prison after being convicted on a broader range of felonies in a separate trial.
She had been previously ordered to surrender to authorities on April 27 by Davila, who sentenced her in November.
Davila will now set a new date for Holmes, 39, to leave her current home in the San Diego area and report to prison.
