The 9th US Circuit Court of Appeals confirmed the convictions of Elizabeth Holmes and Ramesh Balwani for defrauding investors through their defunct blood testing startup, Theranos, valued at $9 billion. The trio of judges rejected appeals challenging procedural errors during their 2022 trials. Holmes and Balwani were indicted in 2018, with significant prison sentences imposed in 2022—11 years and 3 months for Holmes and 12 years and 11 months for Balwani. This ruling solidifies the accountability of figures in corporate fraud cases.
A three-judge panel for the 9th US Circuit Court of Appeals in San Francisco rejected claims of legal errors at their separate trials held in 2022.
Holmes, who started Theranos as a college student and became its public face, was indicted alongside Balwani, her former romantic partner, in 2018.
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