Elizabeth Holmes found guilty of embezzlement and fraud. She faces up to 20 years in prison
Elizabeth Holmes was found guilty of four charges against her, including conspiracy to defraud investors and embezzlement of a total of almost $50 million received from shareholders. The jury cleared her of four other charges after seven days of deliberations and could not reach a decision on three others. However, she faces a maximum sentence of up to 20 years in prison. The amount of punishment will be determined by the court at a subsequent meeting.
From the world's youngest Billionaire to the Biggest downturn in startup history, Elizabeth Holmes
The case of Holmes, the founder of the Theranos startup, once considered a young rising star of Silicon Valley, was one of the most high-profile in many years. She was dedicated to m.in . bestseller and HBO documentary.
The woman claimed that her company had invented a device that would revolutionize medicine with rapid blood tests using just a few drops. By the time it became clear that she had significantly exaggerated her achievement, Holmes had managed to attract many influential investors. Among them was m.in former Pentagon chief General James Mattis or former heads of U.S. diplomacy George Schultz and Henry Kissinger. At the peak of her career, her company was valued at $19 billion, although it eventually collapsed in 2018.
Holmes pleaded not guilty, saying she acted in good faith. She also claimed that she was used and manipulated by her business and life partner, Sunny Balwani, with whom she co-managed the company. Balwani will answer for fraud charges in another trial.