Theranos founder Elizabeth Holmes has been found guilty by a jury of fraud for turning her blood-testing startup Theranos into a sophisticated sham, one that duped billionaires and other unwitting investors into backing a seemingly revolutionary company whose medical technology never worked as Holmes promised.
Theranos founder Elizabeth Holmes was found guilty on 4 of the 11 charges she was facing in her fraud trial.
The founder of the blood-testing startup Theranos was facing two counts of conspiracy to commit wire fraud and nine counts of wire fraud for deceiving investors, patients and advertisers, all in search of money and fame.
After a week of deliberation, the jury returned its verdict Monday convicting the Theranos founder Elizabeth Holmes of one count of conspiracy to commit wire fraud and 3 counts of wire fraud.
The jury found Holmes not guilty on 4 counts, including 3 counts of wire fraud, and one count of conspiracy to commit wire fraud. One charge was also dropped.
The jury remained deadlocked, unable to reach a verdict on 3 counts. Prosecutors could re-charge Holmes on those counts, or just let it go.
During the trial, Holmes testified that she meant well, and trusted the scientists behind the start-up. The jury heard from 32 witnesses in total.
Leading up to the trial and verdict, there’s been a documentary, a best-selling book, and a podcast about the company’s alleged fraud and deception.
The billion-dollar company made promises it could conduct cheaper and easier blood testing, but, it was later revealed its devices could only perform a mere 12 tests, instead of Elizabeth’s claim of 1,000 — and the company shut down 3 years later.
Holmes now faces up to 20 years behind bars for each guilty verdict, although it’s unlikely she’d get the maximum without a prior criminal record. Her legal team is vowing to appeal.