New Delhi: A US jury on Monday found Elizabeth Holmes, the founder of blood testing startup Theranos, guilty of defrauding its investors. He was convicted on four of the 11 counts.
After seven days of deliberation, the jury convicted the 37-year-old former Theranos CEO of investor fraud and conspiracy, but acquitted him on three counts of defrauding patients who paid for blood tests, news agency Reuters reported. Gave. The fourth count was a related conspiracy charge.
the jury said it was “disappointing standoff” On three out of 11 criminal cases.
According to prosecutors, Holmes defrauded investors of Theranos between 2010 and 2015. Investors testified in court that the company made several misleading claims, including that Theranos machines were being used by the US military, Reuters reports.
He was also accused of misleading patients about the accuracy of the tests, but was acquitted of the charges.
US District Judge Edward Davila had previously sentenced him to 80 years in prison, but Holmes is now likely to receive a much shorter sentence.
The sentencing date has not yet been decided.
Read also | Who is Elizabeth Holmes, and what is Theranos hoax?
Holmes and Theranos
Holmes founded Theranos in 2003 at the age of 19. She wanted to revolutionize laboratory testing, and her business plan attracted high-profile investors and board members. In 2015, Forbes stated that her net worth was estimated at $4.5 billion.
Things began to fall apart for the Silicon Valley star after the Wall Street Journal published a series of articles that suggested Theranos devices were flawed and inaccurate.
In 2018, he was charged with former chief operating officer Ramesh ‘Sunny’ Balwani, who also pleaded not guilty. He will be prosecuted later.
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