Elizabeth Holmes, the disgraced founder of Silicon Valley darling Theranos who was exposed as a total fraud, has lost her bid to have an appeal of her 2022 fraud conviction reheard by the 9th Circuit U.S. Court of Appeals.
CNBC reports that the 9th Circuit U.S. Court of Appeals has denied Elizabeth Holmes’ request for a rehearing before the original three-judge panel that upheld her conviction. The court also stated that no judge on the circuit court had requested a vote on whether to have the full court rehear the appeal. This decision leaves Holmes with only one remaining option to challenge her conviction — petitioning the Supreme Court to hear her case.
In January 2022, Holmes, now 41, was found guilty of four counts of wire fraud for deceiving investors about the capabilities of Theranos, the blood-testing company she founded in 2003. The company’s downfall began after a Wall Street Journal story exposed its struggles, ultimately leading to its shutdown in 2018. Holmes was sentenced to more than 11 years in prison in January 2023.
Together with Theranos executive Ramesh “Sunny” Balwani, who was sentenced to 13 years in prison on fraud charges, Holmes was ordered to pay $452 million in restitution. Balwani, who was Holmes’ mentor and former lover, began serving his sentence in April 2023.
Holmes began serving her sentence on May 30, 2023, at a women’s federal prison in Bryan, Texas. Since then, her sentence has been reduced twice — by about two years in July 2023 and by a further four months in May 2024. During the legal proceedings, Holmes gave birth to two children, one before her trial in 2021 and the other after her sentencing.
As a one-time rising star of Silicon Valley, Holmes’ story has garnered significant attention, highlighting the importance of transparency and integrity in the tech industry. The Theranos scandal serves as a cautionary tale for entrepreneurs and investors alike, emphasizing the need for thorough due diligence and the consequences of misleading claims.
With the 9th Circuit U.S. Court of Appeals’ decision to deny a rehearing, Holmes’ legal options have narrowed significantly. If she chooses to petition the Supreme Court, it will be her final chance to challenge her conviction. However, the likelihood of the Supreme Court taking up her case remains uncertain, as the court receives numerous petitions each year and only selects a limited number of cases to hear.
Read more at CNBC here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.
