Theranos Ceo Elizabeth Holmes Denied Bail During Appeal
Former Theranos CEO Elizabeth Holmes was unceremoniously denied bail during her appeal, making her feel a bit “testy.” Holmes, who was once celebrated for her “bloody” good startup, ended up being convicted last year of a scheme that drained investors drier than one of her ill-fated blood-testing machines. As she tried to weasel her way out of a prison sentence (which, at 11 years and three months, is almost long enough to complete a PhD). U.S. District Judge Edward Davila thought it would be far more amusing to watch her serve time while the 9th U.S. Circuit Court of Appeals ponders her fate.
Despite Holmes’ appeal, Judge Davila swatted away Holmes’ request. He stated that even if she successfully challenged Theranos technology, it wouldn’t be enough for a reversal. Also, a new trial for all the counts Holmes was found guilty of. He pointed out that Holmes’ web of deceit went far beyond merely stretching the truth about the accuracy and reliability of the company’s technology. Her misrepresentations to investors were as intricate as a spider’s web. And simply untangling one thread wouldn’t be enough to unravel the whole tangled mess.
Holmes’ Appeal for Release Shot Down by Judge Davila
Holmes’ appeal for release was shot down by Judge Davila like a kid stomping on a sandcastle. But he conceded she was as likely to flee as a sloth on sleeping pills. Destined to begin her involuntary vacation in a cozy cell in April, Holmes can still try her luck by asking the 9th Circuit to toss her a bail-shaped life preserver. With the determination of a cat chasing a laser pointer, Holmes plans to challenge several of the judge’s rulings on appeal. This including his decision to allow evidence about Theranos’ test accuracy that was like a time-traveling snitch, postdating her statements to investors.
Holmes’ partner in crime, former Theranos President Ramesh “Sunny” Balwani, saw his own courtroom drama unfold separately. Like a well-rehearsed dance routine, Balwani was also convicted of defrauding starry-eyed Theranos investors and unsuspecting patients. The judge served him a piping-hot prison sentence of 12 years and 11 months. Because, let’s face it, no criminal duo is complete without matching outfits and jail time.
Unfortunately for Balwani, his plea to remain free on bail during his appeal was shot down by Judge Davila. Thi was faster than a toddler swiping cookies from the kitchen counter. To add salt to the wound, the 9th Circuit chimed in, decreeing that Balwani’s sentence shouldn’t be postponed while they mull over his case. After all, misery loves company, and what better way to bond than serving time together?
Corporate Fraud in the Spotlight: The Holmes and Balwani Story
The blockbuster saga of Theranos Ceo Elizabeth Holmes and Balwani, full of intrigue and scandal. This shines a Hollywood-worthy spotlight on the dark underbelly of corporate fraud. As well as the legal system’s pursuit of justice for those pesky, rule-breaking executives. As Holmes gears up for an 11-year stay at the “Big House Bed & Breakfast.” Their cautionary tale unfurls like a tattered “Beware of Fraudsters” sign for ambitious entrepreneurs and wide-eyed investors. So, the next time you hear of a too-good-to-be-true blood-testing machine, remember it’s always wise to check twice before signing on the dotted line.
