Theranos Founder Elizabeth Holmes Loses Appeal, Fraud Convictions Upheld

A federal appeals court upheld the fraud convictions of Elizabeth Holmes, founder of the failed blood-testing company Theranos, and her business partner Ramesh “Sunny” Balwani. Holmes's 11-year sentence and Balwani's 13-year sentence remain in effect. The court found that Holmes and Balwani made misleading statements to investors, portraying Theranos' technology as more advanced than it was. While they can still appeal to a larger panel or the Supreme Court, this ruling represents a significant setback.