Former Theranos CEO Elizabeth Holmes appeals fraud conviction to Ninth Circuit Court in San Francisco

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Former Theranos CEO Elizabeth Holmes appeals fraud conviction to Ninth Circuit Court in San Francisco
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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.

The hearing held at the Ninth Circuit Court of Appeals San Francisco came nearly two-and-half years after a jury convicted Holmes for orchestrating a blood-testing scam that became a parable about greed and hubris in Silicon Valley . Holmes' instrument of deception was Theranos, a Palo Alto, California, startup she founded shortly after dropping out of Stanford University in 2003 with her sights set on revolutionizing the healthcare industry.

Holmes will remain in prison, with a scheduled release date of August 2032 — earlier than her full sentence because of her good behavior so far. A decade ago, Theranos had become such a hot healthcare commodity that it was called an exemplar of U.S. ingenuity by several prominent people, including then-Vice President Joe Biden. Holmes had emerged as a media sensation with a fortune worth $4.5 billion.

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