Former Tech Boss Found Guilty of Fraud
A California jury found Elizabeth Holmes, founder and former CEO of Theranos, guilty of conspiracy and fraud.
According to Axios, “Holmes was the poster child of Silicon Valley hubris.”
Holmes was convicted on four charges of wire fraud and conspiracy to commit wire fraud with regards to certain investors. Each count carries a maximum of 20 years in prison, though she would likely serve them concurrently. She is expected to appeal her conviction, Axios reported.
Holmes’ blood-testing company raised more than $1 billion in fundraising from a litany of investors, including some recognizable names: Rupert Murdoch, Betsy DeVos, and the Walton family.
Prosecutors claimed Holmes made “knowingly false statements” to investors regarding Theranos’ blood analysis tech’s limitations and capabilities.
The defense argued that Holmes was naive, having been psychologically and sexually abused by former Theranos COO Sunny Balwani.
Holmes’ sentencing date is not yet scheduled.
Balwani is set to stand trial on similar charges next month.