A US court upheld the convictions of Theranos’ founder Elizabeth Holmes and President Ramesh “Sunny” Balwani on Monday, on charges of defrauding investors in the failed blood testing startup once valued at $9 billion.
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. The two were sentenced in 2022 to 11 years and three months, and 12 years and 11 months, respectively.