The condemnation of The Founder of Theranos, Elizabeth Holmes, confirmed by the United States Court of Appeals
A United States Court of Appeals has confirmed the conviction of the founder of Theranos, Elizabeth Holmes, who turns more than 11 years in prison for defrauding investors with false statements about the blood test technology of her company.
The 9th Court of Appeals of the United States Circuit in San Francisco confirmed fraud sentences, sentences and the restitution order of $ 452 million for Holmes and his second in command, Ramesh “Sunny” Balwani, who was sentenced to almost 13 years in prison.
The former CEO of Theranos, Elizabeth Holmes, leaves the federal court in San José, California, on March 17, 2023.
Jeff Chiu/AP
The two had argued that the court made several legal errors and violated their constitutional rights during their separate judgments. The three judges panel for the Court of Appeals rejected their claims, finding that any error was harmless or that their arguments showed no violation.
As part of their appeal, they also questioned the restitution, arguing that the figure should not have been based on the total investments of investors. The panel maintained the restitution granted by the lower court, concluding the “real losses of the victims were equal to the total amount of their investments.”
Holmes, 41, was convicted of four charges of fraud and conspiracy of investors in January 2022 and sentenced to 135 months, or 11 1/4 years, in prison. She without success fought to delay her imprisonment.
The verdict followed a four -month trial that detailed the Holmes trajectory of an abandonment from Stanford University in 2003 to a star business leader on the cover of Fortune magazine a little more than a decade later.
Its fall began in 2015 in the midst of investigations of journalists and regulators on the defective product of the medical company, which claimed to provide precise information of the tests using only a few drops of blood.
Balwani, 59, former romantic partner of Holmes and president of the now missing blood test company, was sentenced for fraud and conspiracy in July 2022 and sentenced to 155 months in prison.
Max Zahn of ABC News contributed to this report.
This is a development story. Consult the updates again.
