Elizabeth Holmes’ no good, very bad day: Bail denied and a bill for $452 million

Enlarge / Elizabeth Holmes (C), founder and former CEO of blood-testing and life sciences company Theranos, walks with her mother Noel Holmes and partner Billy Evans into the federal courthouse for her sentencing hearing on November 18, 2022, in San Jose, California. (credit: Getty | AMY OSBORNE)

Convicted fraudster Elizabeth Holmes had a rough Tuesday.

The judge in her fraud case, US District Judge Edward Davila, ordered her and her ex-boyfriend, Ramesh “Sunny” Balwani, to pay $452 million in restitution to defrauded investors of their infamous and now defunct blood-testing company, Theranos. Holmes, the company’s founder and former CEO, and Balwani, the former president, are jointly responsible for paying back the entirety of the hefty sum.

Meanwhile, a three-judge panel for the US Court of Appeals for the 9th Circuit denied Holmes’ last-ditch effort to stay out of prison while she appeals her conviction. Last month, Holmes’ challenged Davila’s previous denial of bail, asking the 9th Circuit appeals court to weigh it. The move triggered an automatic delay to the start of her 11-year-and-three-month prison term while the appeals court reviewed her argument. Davila had previously ordered her to report to prison on April 27.

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