Blood testing fraudstress Elizabeth Holmes was denied a request for a new trial on Monday by a federal judge in California, new documents reveal.
The 37-year-old Holmes was found guilty in January of defrauding investors in blood testing startup Theranos. She was convicted on four of 11 counts - including investor fraud and conspiracy, but acquitted on three counts of defrauding patients who paid for tests from Theranos, Reuters reports.
In July, former Theranos President Ramesh “Sunny” Balwani was also convicted of defrauding investors and patients about Theranos that was once valued at $9 billion.
Holmes’ lawyers filed for a new trial in September citing “newly discovered” evidence from the government’s statements made at the closing arguments of Balwani’s trial, as well as alleged government misconduct. Reuters
Holmes founded Theranos in 2003 at the age of 19 - and was known as a Steve Jobs-esque figure, prancing around in turtle neck sweaters and making grandiose promises about the future of her company.
Board members included James Mattis, the retired four-star Marine Corps general and former Trump defense secretary.
In his Monday ruling, US District Judge Edward Davila said that Holmes' lawyers failed to produce enough new material evidence to prove alleged misconduct by the government, adding that statements made at Balwani's trial were not applicable to an acquittal for Holmes.
Holmes is scheduled to be sentenced on November 18. She faces up to 80 years in prison, but will likely receive a much lower sentence.
