What were the specific charges against Elizabeth Holmes that led to her conviction?

Elizabeth Holmes was convicted of one count of conspiracy to commit fraud on investors and three counts of committing fraud on individual investors, involving wire transfers totaling more than $140 million.

What are the next steps for Elizabeth Holmes following the appeals court decision?

Elizabeth Holmes can file a new appeal to all judges on the Ninth Circuit Court of Appeals or even petition the U.S. Supreme Court.

How much restitution are Elizabeth Holmes and Ramesh 'Sunny' Balwani required to pay?

Elizabeth Holmes and Ramesh 'Sunny' Balwani are jointly required to pay $452 million in restitution.

What was the basis for the appeals court's decision to uphold the convictions?

The appeals court found that any alleged errors during the trials were harmless and did not violate the defendants' constitutional rights. The court also noted that Theranos employees had raised concerns about the reliability of the company's testing technology, which were dismissed by Holmes and Balwani.

5 sources·Business

Federal Court Upholds Elizabeth Holmes' Fraud Conviction in Theranos Scandal

Elizabeth Holmes loses appeal to overturn her fraud conviction, upholding her 11-year sentence for deceiving investors about Theranos' blood-testing technology.

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Holmes saw a meteoric rise in Silicon Valley that landed her on the covers of business magazines that hailed her as the next Steve Jobs and raised nearly $1 billion in investments from software magnate Larry Ellison, media mogul Rupert Murdoch and the Walton family behind Walmart, and many others.
Elizabeth Holmes fails to overturn her Theranos fraud conviction
Associated Press·24d
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This was always a long-shot appeal, with Holmes' attorneys arguing that trial judge had made errors.
Theranos founder Elizabeth Holmes' fraud conviction upheld by appeals court
Axios·24d
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The federal panel rejected a slew of arguments from both defendants, including that their trials featured improper testimony from Theranos employees.
Theranos founder Elizabeth Holmes' fraud convictions upheld by federal appeals panel
MSNBC·24d
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The court’s decision to uphold their convictions comes about three years after a jury found Holmes guilty of one count of conspiracy to commit fraud on investors and three counts of committing fraud on individual investors that the Department of Justice said "involved wire transfers totaling more than $140 million."
Theranos founder Elizabeth Holmes' conviction upheld
Fox Business·24d
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Holmes’s lawyers, who filed the appeal in April 2023, alleged that her trial had featured improper procedures and evidence.
US court upholds Theranos founder Elizabeth Holmes’s conviction
The Guardian·24d
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Feb 24th, 2025, 7:57 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

The Ninth Circuit Court of Appeals has upheld Elizabeth Holmes' fraud conviction for misleading investors about her blood-testing startup, Theranos. The court also affirmed the conviction of Ramesh 'Sunny' Balwani, with both defendants ordered to repay $452 million in restitution. Holmes, serving an 11-year sentence, argued that legal errors occurred during her trial, but the court found these claims unsubstantiated. The ruling leaves options for further appeal, possibly to the U.S. Supreme Court. Holmes' case remains a significant example of fraud in Silicon Valley, with widespread media coverage following the company's downfall.

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