Ninth Circuit Upholds Holmes' Theranos Fraud Conviction

Elizabeth Holmes, founder of the defunct blood-testing startup Theranos, has lost her appeal against her 2022 fraud conviction. The U.S. Court of Appeals for the Ninth Circuit upheld her conviction and sentence of over 11 years in prison, as well as the financial restitution she must pay. The appeals court also affirmed the conviction of her former partner Ramesh 'Sunny' Balwani, who was sentenced to nearly 13 years. Both were found guilty of defrauding investors by falsely claiming that Theranos' technology could perform numerous tests from just a few drops of blood. The court rejected claims of legal errors during their trials, concluding a saga that began with charges filed against them in 2018. Holmes, who became a public figure and was often compared to Steve Jobs, is currently incarcerated at a federal minimum-security prison camp.