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Theranos founder Elizabeth Holmes guilty of criminal fraud

2 min read | January 04, 2022 03:27 AM EST | By Sukriti Nair
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Theranos founder Elizabeth Holmes guilty of criminal fraud
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Highlights

  • Elizabeth Holmes guilty in 4 of 11 charges in federal court’s criminal fraud trial.
  • The Theranos founder is a Silicon Valley billionaire, who found fortune from new blood-testing technology.

Elizabeth Holmes, the 37-year-old founder of Theranos, is now a convicted fraudster. The famous youngest female billionaire of America, Holmes was found guilty in four of eleven fraud accusations by the federal court. As a result, her health startup Theranos, which had captivated investors with new blood-testing technology, is now defunct.

The collapse of Theranos and Elizabeth Holmes

  • The fallen star of Silicon Valley, Holmes had begun her journey with a whopping US$92 million in venture capital for her startup Theranos.
  • Theranos had been developing machines that could scale diagnostic testing extensively on just a few drops of blood.
  • Over a couple of years, Holmes has attracted big investors like Rupert Murdoch, soon reaching a valuation of over US$9 billion.
  • However, the glossy image broke in 2015 with a Wall Street Journal report revealing massive inaccuracies in in-house tests and the use of traditional blood drawing methods on many of its tests.
  • A federal court trial began and attracted media worldwide.
  • Holmes was accused of deliberately trying to inflate Theranos' credibility by hiding machine failures.
  • The CEO with fake promises, Holmes, was also convicted of defrauding PFM Healthcare Master Fund, Lakeshore Capital Management, and Mosley Family Holdings for millions of dollars.
  • On Monday, after seven extensive days of deliberations, the jury reached a unanimous conclusion and held the Theranos founder guilty of criminal fraud.
  • Holmes was found guilty of conspiracy to defraud investors and of wire fraud against investors.

Theranos founder Elizabeth Holmes guilty if criminal fraud

Fate of Theranos and Holmes-

Elizabeth Holmes now faces a maximum of 20 years in prison, though the sentencing date is yet to be confirmed. She has, for now, pleaded not guilty and might go for appeal. However, the 50-hour long trials have decided the fate of Theranos as a faker.

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