The U.S. appeals court has upheld the conviction of Theranos founder Elizabeth Holmes, who is serving over 11 years for defrauding investors with false claims about her company’s blood-testing technology. The 9th U.S. Circuit Court of Appeals in San Francisco affirmed the fraud convictions, sentences, and $452 million restitution order for Holmes and Ramesh “Sunny” Balwani, sentenced to nearly 13 years. Their appeal cited legal errors and constitutional rights violations, but the court found these claims unsubstantiated. The restitution was challenged, arguing it shouldn’t be based on total investments, yet the court upheld the original amount, stating victims’ losses equaled their investments. Holmes was convicted in January 2022 and sentenced to 135 months in prison. Balwani, her former partner and Theranos president, was sentenced to 155 months. The court confirmed 10 victims, enhancing their sentences. Restitution included $125 million to Rupert Murdoch, with other victims like the DeVos and Walton families. The court maintained the restitution, noting victims couldn’t recover residual stock value. — news from ABC News
