Finance

Elizabeth Holmes, Once Billionaire, Now Officially Guilty of Fraud

Elizabeth Holmes was the founder of blood testing startup Theranos. She was the world’s youngest ‘self-made billionaire’, but after the company came under heavy fire in 2013 and 2015, it had to close in 2018.

Four of eleven charges

An American jury rules that the now 37-year-old Holmes is guilty of four of the eleven charges against her.

The jury finds it partly proven that Holmes has defrauded investors of hundreds of millions of dollars and endangered patients with inaccurate laboratory results. She faces up to 20 years in prison, according to CNN.

Innovative blood tests

Theranos claimed to have developed an innovative blood test in which a few drops of blood would be enough for extensive laboratory tests.

It soon became apparent that the tests were not at all as innovative as the founder made it seem. Most blood tests used the exact same equipment as other companies in the field.

The jury ruled on only eight of the 11 charges against Holmes. The judge gave permission for this after the jury announced after seven days of deliberation that it could not agree on the other three charges.

Unanimous jury verdict

To find someone guilty or innocent, all jurors must agree unanimously. It is not known about which charges in the case against Holmes that the jury failed.

RTL Z found out at the end of last year how Holmes could fall so hard from her pedestal. Her company was valued at its peak at $9 billion, now she may end up in jail:

A lot of attention

The Holmes case has been going on for years and was seriously delayed by her pregnancy and the pandemic. There is a lot of attention for the case, especially in the United States. That’s because Holmes was a celebrity during the years her business was thriving. It is also not often that a Silicon Valley startup is involved in a major fraud case.

The judge ultimately decides whether and for how long Holmes will end up in prison. It is unknown when that ruling will follow.

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