Theranos Founder, Elizabeth Holmes found guilty of fraud and conspiracy

January 4, 2022

Elizabeth Anne Holmes, founder and chief executive of Theranos, a now-defunct health technology company that soared in valuation after the company claimed to have revolutionized blood testing by developing testing methods that could use surprisingly small volumes of blood, was found guilty of fraud and conspiracy on Monday January 3. 

Holmes who was the the subject of an HBO documentary as well as a forthcoming Hulu miniseries starring Amanda Seyfried, was charged with 11 counts of fraud for claims made to investors and patients of her Silicon Valley blood-testing company, Theranos.

She was guilty of four of the 11 charges she faced in her fraud trial. The former Silicon Valley darling was convicted of one count of conspiring to commit wire fraud against Theranos investors and three counts of fraud in connection to wire transfers.

The jurors found her not guilty on four other counts, three of which related to defrauding patients, and failed to reach a verdict on three others.

Reporters in the courtroom said Holmes, 37, maintained a stoic demeanor as the judge read the verdict, then she gave her partner, parents and two friends hugs before leaving the room. Her attorneys are expected to appeal the decision.

Each count carries a penalty of hundreds of thousands of dollars in fines and a maximum sentence of up to 20 years in prison, which she would likely serve concurrently.

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