SAN FRANCISCO (AP) — A panel of federal judges spent two hours on Tuesday wrestling with a series of legal issues raised in an attempt to overturn a fraud...
SAN FRANCISCO — A panel of federal judges spent two hours on Tuesday wrestling with a series of legal issues raised in an attempt to overturn a fraud conviction that sent Theranos CEO Elizabeth Holmes to prison after a meteoric rise to Silicon Valley stardom.Holmes' instrument of deception was Theranos, a Palo Alto, California, startup that she founded shortly after dropping out of Stanford University in 2003 with her sights set on revolutionizing the health care industry.
Before adjourning the hearing, Nguyen said a ruling would be issued in “due course” without providing a specific timeline. Appeals courts can take anywhere from a few weeks to more than a year before ruling on appeals involving criminal convictions.Holmes will remain in prison, with a currently scheduled release date of August 2032 — earlier than her full sentence because of her good behavior so far.
Once the glaring flaws of its technology were exposed, Theranos collapsed in a scandal that led to criminal charges being filed against both Holmes and Balwani. Prosecutors hoped to break a "fake-it-till-you-make-it'' mentality that had been adopted by Silicon Valley entrepreneurs hoping to strike it rich with still-buggy products.
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Federal Prosecutors Silicon Valley Fraud Conviction Ryan Nelson
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