Reuters, November 8 – A federal judge in California rejected Theranos founder Elizabeth Holmes’ plea for a new trial late on Monday, according to court records.
In January, Holmes, 37, was found guilty on four out of 11 charges of cheating investors in the blood testing firm. She was found guilty of conspiracy and investment fraud, although she was cleared of three charges of cheating patients who paid for Theranos testing as well as a related conspiracy allegation.
Ramesh “Sunny” Balwani, a former president of Theranos, was also found guilty in July of misleading patients and investors about Theranos, which had previously been valued at $9 billion.
In September, Holmes’ attorneys requested a new trial, claiming “newly found” information from the government’s testimony at Balwani’s trial’s closing arguments as well as claimed government wrongdoing.
U.S. District Judge Edward Davila ruled on Monday that the arguments put forth by Holmes’ attorneys for a new trial did not produce enough substantial evidence to establish alleged government misconduct. He also added that the government’s testimony at Balwani’s trial was insufficient to support Holmes’ acquittal.
Currently, Holmes’ sentencing is set on November 18.
After starting Theranos in 2003 at the age of 19, Holmes gained notoriety in Silicon Valley and was noted for her propensity for donning black turtlenecks a la Steve Jobs. She might receive a term of up to 80 years in jail, although most likely not that long.
A Reuters request for comment was not immediately answered by Holmes’ lawyers.
