A judge rules that Elizabeth Holmes cannot remain free during appeal

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Elizabeth Holmes, the founder of Theranos, has been denied bail while she appeals her conviction for wire fraud.

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She was convicted of three counts of wire fraud and one count of conspiracy to commit wire fraud in January 2022.

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Holmes was sentenced to 11 years in prison and three years of supervised release.

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She filed an appeal in December 2022.

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Courts can grant release during an appeal if the defendant is not seen as a flight risk or threat to the community,

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the request isn't used to delay the defendant going to prison, or the appeal raises a substantial question of facts or law.

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The court ruled that Holmes had not presented any new evidence to support her request for bail.

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Although Holmes is not considered a danger to the community or a flight risk, the court denied her request.

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 In her appeal, Holmes argued that she did not promote a faulty product, but the court disagreed.

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Theranos claimed that its technology could screen patients for diseases with a single finger prick of blood, but the technology did not work as claimed.

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The company attracted nearly $1 billion in investments even though its results were often faulty.

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The court's opinion noted that Holmes made several misrepresentations to investors regarding the company's financial status, partnerships, and validation.

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The ruling represents another setback for Holmes, who was once considered a rising star in the tech industry.

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