Theranos founder Elizabeth Holmes is appealing her conviction for defrauding investors in her blood-testing company. Her former partner and the startup’s president, Ramesh “Sunny” Balwani, is also appealing his conviction. Both were sentenced to jail time for their roles in the scam.
Holmes’s lawyer argued that she believed she was telling the truth when seeking investment for the blood-testing devices. The company, founded by Holmes after she dropped out of Stanford University, was once valued at $9 billion. Holmes was touted as the world’s youngest self-made billionaire and attracted investments from prominent figures like Rupert Murdoch.
However, in 2018, it was revealed that the technology did not work as advertised. Investigations uncovered that Theranos devices were unable to deliver on their promises of testing for hundreds of diseases with just a few drops of blood. The company’s downfall was documented in various forms of media.
Holmes is currently serving more than 11 years in a Texas prison, while Balwani received a sentence of over 12 years. During the recent appeal hearing, Holmes’s lawyer raised concerns about the testimony of a former employee and argued that she should have had more opportunities to challenge the evidence presented by another key witness.
The prosecution, on the other hand, emphasized the overwhelming evidence against Holmes. Balwani’s lawyer also argued that the prosecution went beyond the scope of the original indictment in their case. The judges overseeing the appeal did not provide a timeline for their decision but noted that the uncontested evidence presented was strong.
The outcome of the appeal remains uncertain as the judges deliberate on the arguments presented by both sides. Holmes and Balwani continue to fight their convictions as they seek to overturn the verdicts against them.