Theranos founder Elizabeth Holmes guilty of fraud and conspiracy
- Elizabeth Holmes found guilty of conspiring to defraud investors in blood testing startup Theranos
- Fallen US biotech star facing up to 80 years in prison, but would likely get a much lower sentence
A US jury found fallen Silicon Valley star Elizabeth Holmes guilty 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.
The 37-year-old Holmes was found guilty on two counts of wire fraud and two counts of conspiracy to commit fraud on Monday after seven days of deliberation. The jury decision followed a three-month trial featuring dozens of witnesses - including Holmes herself - and numerous exhibits. She now faces up to 20 years in prison for each guilty count, although legal experts say she is unlikely to receive anything close to the maximum sentence.
The jury deadlocked on the three remaining charges. The split verdicts are “a mixed bag for the prosecution, but it’s a loss for Elizabeth Holmes because she is going away to prison for at least a few years,” said David Ring, a lawyer who has been following the Holmes case closely.
Federal prosecutors spent much of the trial providing testimony and evidence to depict Holmes as a charlatan obsessed with fame and fortune. In seven days on the witness stand, Holmes cast herself as a visionary trailblazer in male-dominated Silicon Valley who was emotionally and sexually abused by her former lover and business partner, Ramesh “Sunny” Balwani.
Holmes, who had bowed her head several times before the jury was polled by US District Judge Edward Davila, remained seated and expressed no visible emotion as the verdicts were read. Her partner, Billy Evans, showed agitation in earlier moments but appeared calm during the verdict reading. After the judge left the courtroom to meet with jurors individually, Holmes got up to hug Evans and her parents before leaving with her lawyers.
Prison time would separate Holmes from her newborn son, whose birth last summer forced a delay in the trial. Holmes’ parenthood was not disclosed to the jury during the trial. Davila will determine Holmes’ sentence.
