SAN JOSE, Calif. (KRON) — The disgraced Silicon Valley entrepreneur is back in court Friday. A federal judge is slated to make a ruling over how much restitution she must pay her victims. Elizabeth Holmes, 38, of Woodside, defrauded sophisticated investors out of hundreds of millions of dollars through Theranos.
U.S. District Judge Edward Davila sentenced Holmes to serve 11 years in prison and she is scheduled to report to prison next month. Friday will mark Holmes’ first court appearance as a mother of two. She recently gave birth to her second child. The baby’s father is Holmes’ current boyfriend, millionaire Billy Evans, who accompanies her for every court appearance.
In court documents filed recently by her attorneys, Holmes cited her newborn baby as a reason why she should be allowed to delay when she reports to prison. Holmes argues that she deserves to remain free while appealing her conviction, a legal process that could take years to complete.
The judge is also expected to decide Friday whether he will uphold Holmes’ April deadline for going to prison.
Follow our team coverage for live updates:
12:40 p.m. — Holmes to remain free, despite prosecution calling her “flight risk”
12 p.m. — Judge makes no ruling on Elizabeth Holmes restitution and bail status
Judge Edward Davila did not make a ruling over how much restitution Elizabeth Holmes must pay Theranos victims. Prosecutors are asking for hundreds of millions of dollars in restitution.
The defense asserts that prosecutors have not proven in court an exact dollar amount for how much money investors lost.
Judge Davila also did not make a ruling over Holmes’ bail status. Prosecutors today said she is a flight risk, especially in light of her one-way plane ticket to Mexico. (The January 2022 plane ticket was later canceled after prosecutors called Holmes’ defense attorneys).
The defense said Holmes would never try to flee because she is the mother of two young children, including a newborn, and her parents’ only home is being used as her bond.
Holmes will remain free on bail. She is slated to begin serving her sentence in late April.
Judge Davila said he will make both rulings “the first week of April.”
Holmes was seen in the courthouse hall smiling and holding her boyfriend’s hand as she headed towards the front door to leave for the day.
11:30 a.m. — Holmes is flight risk, prosecutor says
Inside the courtroom, Prosecutor Kelly Volkar asserted that Holmes is a flight risk and should no longer be free on bond. “She has the means and the motive to flee,” Volkar said. “Ms. Holmes is set to go to jail and face a significant sentence.”
Holmes, who posted bond based on the value of her parents’ house, bought a one-way ticket to Mexico that she later canceled after prosecutors became aware of the planned trip. The flight was scheduled to take off just days after a federal jury found Holmes guilty of conspiracy and fraud in January of 2022.
10:46 a.m. — U.S. attorney argues Holmes should pay back millions to investors
Right now, Assistant U.S. Attorney Robert Leach is urging the judge to order Holmes to pay back millions of dollars to investors that they invested in Theranos.
“These investors here got nothing back,” Leach told the court. “The loss is the amount that they paid (Theranos). The goal of restitution is to make them whole. Our position is, it’s the total amount of investment. The purchase price of the investment.”
10:12 a.m. — Holmes arrives in court
Elizabeth Holmes was seen arriving at the San Jose federal court by KRON4’s Will Tran.
