Theranos founder Elizabeth Holmes is guilty on four of 11 charges of fraud. She was facing a high-profile trial that enthralled Silicon Valley. According to the famous magazine Forbes, she was among the youngest and wealthiest self-made billionaires in America. However, her involvement in criminal fraud and conspiracy has left her broken.
Thirty-three years old Elizabeth found the company valued at $9bn which was suppos to bring about a revolution in diagnosing disease. The company promised the patients that the Test name Edison could detect conditions such as diabetes and cancer. However, within a year, the company was expose as fake. The technology was not working, and the company collapsed in 2018.
Holmes is guilty of several charges including defrauding investors to conspiracy. Also, the jurors said that she remained deadlocked on three of the criminal counts. During the decision, she bowed down her head and remained seated. She did not express any emotions. Meanwhile, her partner Billy Evans showed anxiety in earlier moments. However, he also appeared calm during the verdict reading.
Four Charges on Elizabeth Holmes
She was found guilty of four charges including three counts of wire fraud against investors and one conspiracy fraud. However, she was acquitted on three charges. She will face prison time; however, sentencing data is not set yet. Prosecutor Jeff Schenk said, ‘’“She chose fraud over business failure; she chooses to be dishonest with investors and patients. That choice was not only callous, but it was also criminal.”
Meanwhile, the prosecutor pointed to documents that Holmes confessed to modifying before sharing with potential partners, adding the logos of pharmaceuticals firms. Additionally, implying that the firm endorses the methodology.
Holmes told the jury on the stand, ‘’ I wish I hadn’t done that.’’ Meanwhile, her defendant team stated in closing arguments that the logo evidence was ‘’a distraction’’ and she was in talks with those companies at the time. Also, her attorneys share a line of defense that she was abuse by her former romantic and business partner sunny Balwani. He had served the company as co-president for almost ten years.
“There was another side of Holmes’s relationship with Balwani that the public never saw,” said defense attorney Lance Wade in opening arguments, he also added that “trusting Balwani as her primary adviser was one of her mistakes”. Meanwhile, Balwani strongly denies the claims of mistreating her in a relationship.
Elizabeth Holmes will remain free on bond while awaiting sentencing, which will be firm by the judge.
