Theranos founder Elizabeth Holmes and former CEO Ramesh ‘Sunny’ Balwani were ordered to pay $452 million to victims of the blood-testing startup's fraud. An appeals court also denied Holmes' request to remain out of prison while challenging her conviction
Theranos founder Elizabeth Holmes arrives at the federal courthouse accompanied by her partner Billy Evans, to ask a U.S. judge at a hearing to pause her prison sentence of more than 11 years while she urges an appeals court to review her conviction on charges of defrauding investors in the blood testing startup at the federal courthouse in San Jose, California, U.S., March 17, 2023.
Under the restitution order made by Judge Edward Davila in San Jose, California, who also oversaw Holmes' trial and sentencing, both Holmes and Balwani are equally responsible for the full amount.“The victims’ losses occurred at the moment they exchanged their money for Theranos shares,” the judge said.
During the trial, Holmes testified in her own defense, saying she believed her statements were accurate at the time. On appeal, Holmes is challenging several of the judge's rulings, including his allowance of evidence about Theranos' test accuracy that postdated her statements to investors.
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