The U.S. Court of Appeals denied Theranos CEO Elizabeth Holmes' motion to stay out of prison while she appeals her conviction for wire fraud.Disgraced Theranos CEO Elizabeth Holmes appears to be soon bound for prison after an appeals court 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.
Holmes' legal team filed a motion Wednesday to have her new date to leave her current home in the San Diego area and report to prison be May 30. Balwani, 57, began a nearly 13-year prison sentence in April after being convicted on 12 counts of fraud and conspiracy last July. He was incarcerated in a Southern California prison last month after losing a similar effort to remain free on bail while appealing his conviction.
While pursuing that audacious ambition, Holmes raised nearly $1 billion from a list of well-heeled investors that included Oracle co-founder Larry Ellison and media mogul Rupert Murdoch. Those sophisticated investors all lost their money after a Wall Street Journal investigation and regulatory reviews exposed dangerous flaws in Theranos' technology.
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