Theranos founder Elizabeth Holmes just suffered a major legal setback because a federal appellate panel upheld her fraud convictions. A three-judge panel of the 9th U.S. Circuit Court of Appeals on Monday affirmed the convictions, sentences and nine-figure restitution ordered against both Holmes and Theranos president, Ramesh “Sunny” Balwani.
Holmes and Balwani, who were also in a personal relationship and Holmes said he abused her, were tried separately. She was sentenced to about 11 years (135 months), while he was sentenced to about 13 years (155 months). According to the federal Bureau of Prisons, Holmes, 41, is in a minimum security federal prison camp in Texas with a release date in 2032, while Balwani, 59, is in a medium security facility in California with a 2033 release date.
Source: Theranos founder Elizabeth Holmes’ fraud convictions upheld by federal appeals panel