A U.S. court confirmed the convictions of Elizabeth Holmes and Ramesh Balwani for defrauding investors in the now-defunct blood-testing startup, Theranos. The 9th US Circuit Court of Appeals dismissed claims of legal errors from Holmes's multi-year appeal, reinforcing the verdicts from their 2022 trials. Holmes was sentenced to 11 years, while Balwani received over 12 years in prison. Although ordered to pay $452 million in restitution, this payment is on hold due to her financial situation. With good behavior credited, Holmes's sentence has been reduced, and she is slated for release in 2032.
The U.S. court upheld Elizabeth Holmes's conviction for defrauding investors in Theranos, reaffirming the rejection of her multi-year appeal against legal errors during her trial.
Holmes and Balwani were separately tried, with Holmes sentenced to 11 years and Balwani to over 12 years, both for their roles in the infamous Theranos scandal.
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