Theranos Founder Elizabeth Holmes Found Guilty of So Many Crimes
Elizabeth Holmes, the founder of blood testing startup Theranos, will go down in history as the female entrepreneur who took Silicon Valley by storm, talked a smooth game, and left financial disaster in her wake. On Monday, a California jury added another line to biography: a company executive guilty of so many crimes.
After days of deliberation, jurors convicted Holmes on four of the 11 counts she was accused of. All of the guilty counts were related to wire fraud or conspiracy to commit wire fraud against Theranos investors, who invested hundreds of millions of dollars to back the small, portable medical devices the company claimed could run countless medical tests using a single drop of patients’ blood. The problem was that the devices didn’t work.
Holmes’ trial began in August after years of her lawyers working to winnow down the charges against her. Notably, the jury rejected claims that Holmes had conspired or committed wire fraud against Theranos’ paying patients, finding her not guilty on the four counts related to the matter. It could not reach a decision on three other counts of wire fraud against investors.