Theranos scandal: Holmes appeals prison sentence – Economy

Elizabeth Holmes has appealed her conviction for fraud, two weeks after she was sentenced to more than 11 years in prison for deceiving investors with her blood-testing startup Theranos.

Attorneys for Holmes, 38, filed a one-page appeal late Friday in federal court in San Jose, California, without giving reasons.

According to the Bloomberg news agency, legal experts say that while her appeal was expected, the odds are slim.

soaring and falling

The appeal is another chapter in a year-long story that gripped Silicon Valley and inspired books, TV documentaries, podcasts, and films about the Stanford University dropout. Their $9 billion empire collapsed when blood testing technology was exposed as fake.

A jury convicted Holmes of quadruple counts of fraud and conspiracy because she knew the blood-testing equipment she touted to investors as revolutionary actually didn’t work.

Holmes’ ex-partner, Theranos President Ramesh “Sunny” Balwani, was charged separately and convicted in July. The sentence is expected to be announced on Wednesday. The court still has to decide whether Holmes can be released on bail. The 38-year-old had applied for it. According to the defenders, the process could take years.

source site