Elizabeth Holmes, founder of the now-defunct Theranos, has lost her appeal to overturn her fraud conviction. A federal appeals court in San Francisco upheld the decision, stating no legal errors were made during her trial. Holmes was convicted for deceiving investors with false claims about Theranos’ blood-testing technology. She is currently serving an 11-year sentence at a federal prison in Texas. Her former partner, Ramesh “Sunny” Balwani, also had his conviction upheld and is serving nearly 13 years. Both were ordered to pay $452 million in restitution. The court rejected their claims of legal errors during their 2022 trials. Holmes, once celebrated in Silicon Valley, raised nearly $1 billion from prominent investors. The scandal unraveled after investigative reports exposed flaws in Theranos’ technology, leading to its collapse. The case has been the subject of a book, documentary, and TV series. — news from The Globe and Mail
