Later this month, the man who aided Elizabeth Holmes in managing the now-defunct blood-testing firm, Theranos, is set to go to prison after a federal appeals court turned down his request to stay out of jail until his appeal is resolved.
In July, Ramesh “Sunny” Balwani, the former chief operating officer of Theranos, was found guilty on twelve counts of fraud for his role in an exceedingly bold scheme to defraud the company that he and Holmes, whom he was also romantically involved with, had founded and managed.
Theranos was once considered a Silicon Valley sensation, claiming to revolutionize the blood-testing sector by detecting hundreds of diseases with just a drop of blood.
In 2015, the firm was exposed as a fraud and lost its tech status.
Balwani was convicted of persuading investors to invest in the fraudulent firm despite being aware that the blood tests did not function, according to prosecutors.
In December, U.S. District Judge Edward Davila sentenced Balwani to a prison term of 12 years and nine months, and last month, Davila rejected his request to remain free while he appeals his conviction.
Balwani was set to begin serving his sentence on March 16 but was granted a stay of his reporting date after his lawyers filed a motion just hours before he was supposed to surrender.
On Thursday, the Ninth Circuit Court of Appeals’ three judges ruled that Balwani did not provide enough evidence to suggest that his conviction was likely to be overturned.
The 57-year-old’s surrender date remains uncertain, but one of his attorneys suggested he begin serving his sentence on April 20.
Holmes, who was also found guilty of fraud, was sentenced to 11 years and three months in prison in November.
The 39-year-old requested that her reporting date of April 27 be postponed while she appeals, a process that could take months, and a ruling from Judge Davila is expected in early April.