The Ninth Circuit Court of Appeals has ruled against Elizabeth Holmes, co-founder of Theranos, affirming her fraud conviction and the lengthy sentence she faces. The court unanimously dismissed her appeal, citing strong evidential support for her guilt. Judge Jacqueline Nguyen noted the reliability of prosecutors' evidence and declared that Holmes, alongside her co-conspirator Ramesh Balwani, misled investors despite knowing their blood-testing technology was ineffective. They were ordered to repay investors a total of $452 million, as the court deemed it necessary for compensating the significant losses incurred by the investors who were kept in the dark about the company's true status.
The Ninth Circuit upheld Elizabeth Holmes's fraud convictions, affirming the substantial evidence against her, and ordered restitution of $452 million to the investors.
Judge Jacqueline Nguyen emphasized the reliability of prosecutors' evidence, highlighting that Holmes and Balwani disregarded staff warnings about their faulty blood-testing technology.
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