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The U.S. Ninth Circuit Court of Appeals announced its decision on Monday to overturn the conviction of Terranos founder Elizabeth Holmes and choose to support it.
The court simultaneously upheld the conviction of former Terranos President Ramesh “Sunny” Balwani, and the conviction of charges stemming from their blood testing company Theranos. According to Filed online published by court listeners.
Former Theranos CEO Elizabeth Holmes will leave the hearing on March 17, 2023 in San Jose, California. (Philip Pacheco/Getty Images)
Holmes, who began working as a university student and became the public face, was indicted in 2018 along with her former romantic partner, Balwani. The two were declared for 11 years and 3 months from 2022 and for 12 years and 11 months respectively.
The court's decision to uphold their conviction is to convict one conspiracy that ju-gays committed fraud against investors and the individuals who the Justice Department said “involves wire transfers of more than $140 in total.” A million comes about three years after being found guilty of three conspiracy to commit fraud on investors. “
Meanwhile, Balwani had been convicted of 12 federal criminal fraud charges.
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The two had issues with those who were allowed to testify during the trial and those who alleged other issues. The Court of Appeals alleges that it did not agree to the decision. They pushed back the $452 million worth of compensation they had been ordered to pay as well.
Elizabeth Holmes will pass a security checkpoint as he arrives in federal court in San Jose, California on September 1, 2022. (Justin Sullivan/Getty Images)
Judge Jacqueline Nguyen wrote opinions in favor of their beliefs. Two other judges were sitting on the panel for the case.
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Balwani began serving prison sentences in April 2023. Holmes then began his sentence a month later.
Reuters contributed to this report.
