The former Silicon Valley entrepreneur now awaits sentencing.
Elizabeth Holmes, the former chief executive and founder of the blood-testing startup Theranos, has been convicted of fraud.
Holmes founded the start-up when she was 19, but it was later discovered to be a sham. According to SkyNews, the businesswoman “duped investors and patients” by promising a revolutionary blood testing process that never actually worked.
Before she was found out, her company had been valued at $9 billion.
Yesterday, Holmes was convicted on two counts of wire fraud and two counts of conspiracy to commit fraud.
The verdict came after a three-month-long trial and seven days of deliberation.
Holmes had originally faced 11 charges, but was found not guilty of three other felony charges. The jury were deadlocked on the remaining three.
Following yesterday’s verdict, Holmes could face up to 20 years in prison.
She is currently free on bond and awaiting sentencing. A judge will determine her sentence at a later date.
Holmes’ concept for Theranos was to test patients’ blood by extracting a few drops from a fingerpick rather than using a larger sample and a needle. She hoped to establish “mini-labs” in pharmacies and convenience stores in the US to allow for quick blood testing.
With this premise, Theranos secured over $900 million from billionaire investors, including Rupert Murdoch and Larry Ellison.
However, the technology was found to be faulty. It later transpired that Holmes outsourced the blood testing to laboratories.
Medical and financial regulators investigated Theranos in 2018, and criminal charges were subsequently filed against Holmes and her former boyfriend and former Theranos executive Ramesh Balwani.
During the trial, Holmes claimed that she had been abused by Balwani, allegations he denies. She also maintained that she genuinely believed her technology was not faulty.
According to reports, she showed no emotion as the verdict was read.
