\n<\/p>\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
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