A federal judge has denied a motion by convicted Theranos executive Ramesh "Sunny" Balwani to remain free until his appeal to a higher court is resolved.

Balwani was convicted of 12 counts of wire fraud and conspiracy based on his false statements to investors and patients about Palo Alto-based Theranos' malfunctioning blood-testing technology.

He is scheduled to surrender to federal custody to begin serving a 155-month prison term on March 15.

In an order issued late Thursday, U.S. District Judge Edward Davila wrote that although Balwani "is not likely to flee or pose" a danger to the community, the most important requirement for staying free while the 9th Circuit Court of Appeals looks at the case was not met.

Balwani did not show that there was a "substantial" error in the trial that would "likely result in a reversal or new trial."

Davila held a nearly two-hour hearing on Balwani's motion in mid-February, but delayed ruling until just six days before Balwani must report to prison. In a second order Thursday night, Davila extended Balwani's reporting date by 24 hours, to March 16.

A similar motion by convicted Theranos founder and CEO Elizabeth Holmes to push back her scheduled prison reporting date of April 27 is set to be heard later this month.