{"id":246371,"date":"2025-02-25T12:29:19","date_gmt":"2025-02-25T12:29:19","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/25\/theranos-founder-elizabeth-holmes-loses-fraud-appeal\/"},"modified":"2025-02-25T12:29:19","modified_gmt":"2025-02-25T12:29:19","slug":"theranos-founder-elizabeth-holmes-loses-fraud-appeal","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/25\/theranos-founder-elizabeth-holmes-loses-fraud-appeal\/","title":{"rendered":"Theranos founder Elizabeth Holmes loses fraud appeal"},"content":{"rendered":"
\"Theranos<\/div>


\n<\/p>\n

\n

Theranos founder and former chief executive Elizabeth Holmes has lost an appeal against her conviction for defrauding investors in her blood-testing company.<\/p>\n

Holmes was sentenced to more than 11 years in prison.<\/p>\n

In her appeal, she challenged trial evidence and testimony and argued that statements by her ex-business and romantic partner Ramesh “Sunny” Balwani about his level of responsibility for Theranos’ financial model should have been included. He was jailed for more than 12 years.<\/p>\n

The Ninth Circuit Court of Appeals rejected the arguments.<\/p>\n<\/div>\n

\n

Judge Jacqueline H Nguyen wrote that Theranos’s claim of being able to run blood tests with a drop from a finger prick instead of a needle in a vein was “nothing more than a mirage”.<\/p>\n

“The grandiose achievements touted by Holmes and Balwani were half-truths and outright lies,” Nguyen wrote in the opinion on behalf of a three-judge panel published on Monday.<\/p>\n

Holmes was convicted in 2022 of conspiracy and multiple charges of wire fraud for misleading investors over the company’s financial health and the effectiveness of its technology.<\/p>\n

Balwani, who was tried separately and additionally convicted of defrauding patients<\/a> in 2022, also lost his appeal.<\/p>\n

In the appeal, both challenged a court order to pay $452m (\u00a3358m) in restitution to victims, which the court upheld.<\/p>\n

In Holmes’s appeal, she argued that statements from Balwani where he said he “owned” the company’s financial model should have been included in the trial.<\/p>\n

The appeal also argued that former Theranos employees offered improper expert testimony and a government inspection report should not have been included as evidence – all arguments the court dismissed.<\/p>\n

Silicon Valley start-up Theranos was once valued at $9bn (\u00a37bn).<\/p>\n

But in late 2015, news reporting revealed internal struggles at the company and exposed the limitations of its technology. After a two-and-a-half-year investigation, a grand jury indicted Holmes and Balwani, leading to their convictions and sentencings.<\/p>\n

Holmes entered prison in Texas in 2023.<\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Theranos founder and former chief executive Elizabeth Holmes has lost an appeal against her conviction for defrauding investors in her blood-testing company. Holmes was sentenced to more than 11 years in prison. In her appeal, she challenged trial evidence and testimony and argued that statements by her ex-business and romantic partner Ramesh “Sunny” Balwani about […]<\/p>\n","protected":false},"author":2,"featured_media":246372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/7d32\/live\/e31edc10-f36d-11ef-add3-5160ab1f5b9d.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[4269,9647,5325,6229,191164,7343,191163],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/246371"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=246371"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/246371\/revisions"}],"predecessor-version":[{"id":246373,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/246371\/revisions\/246373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/246372"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=246371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=246371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=246371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}