Theranos founder convicted of fraud and conspiracy — Action News Now

Elizabeth Holmes, once touted as biotech Steve Jobs, may now face long prison sentences

The founder and CEO of Theranos, a “revolutionary” blood testing health technology company, was convicted of four wire fraud and conspiracy to defraud investors rather than patients.

37-year-old Elizabeth Holmes was acquitted on four charges “Fraud of wire transfers against Theranos payments to patients,” On Monday, the California jury was also deadlocked on three other charges. But if the verdict is partially guilty, she may still face up to 20 years in prison for each crime, although some observers believe that she is unlikely to receive the maximum sentence.

Theranos was once a $9 billion Silicon Valley miracle, promising to revolutionize blood testing. It was founded by Holmes in 2003, when she dropped out of Stanford University at the age of 19. The company’s board of directors at some point includes former senator and future secretary of defense James Mattis, as well as former secretaries of state George Schultz and Henry Kissinger.

Known as a self-made billionaire “The Steve Jobs of the Future” In terms of biotechnology, Holmes will appear at the event with former Alibaba CEO Jack Ma, former President Bill Clinton, and even then Vice President Joe Biden, claiming that her company can provide blood tests for 240 diseases. Put a few drops into the fingertip needle instead of a needle or syringe.

A report by John Carreyrou in the Wall Street Journal in 2015 revealed the fact that the company’s miracle technology did not actually work, and the entire company went bankrupt. This triggered an investigation by federal agencies, leading to prosecutions against Holmes and former Theranos chief operating officer Ramesh Balwani in 2018. Balwani will accept his trial next month.

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