Elizabeth Holmes Trial: Theranos Founder Convicted Of Fraud
Following a landmark trial that began in late August, Theranos founder Elizabeth Holmes has been convicted of defrauding investors.
Prosecutors said that the founder of the now-defunct medical startup had knowingly lied about Theranos’ technology, which she claimed could detect diseases with just a few drops of blood.
The jury found Holmes guilty of four charges, including conspiracy to commit fraud against investors, and three counts of wire fraud. In total, Holmes faced 11 charges but was found not guilty of four charges relating to defrauding the public. She denied the charges, each carrying a maximum prison term of 20 years.
The Theranos founder was not taken into custody and no date is yet confirmed for sentencing. A further hearing is scheduled for next week.
Founded in 2003, Theranos had promised to revolutionise the healthcare industry and, at one point, reached a valuation of $9 billion. However, the company’s claims quickly began to fall apart after a 2015 Wall Street Journal investigation reported that Theranos had been widely overstating the capabilities of its blood-testing technology.