Jury Finds Holmes Guilty on 4 Fraud, Conspiracy Counts

Theranos founder faces 20-year terms and fines for each count
By Newser Editors and Wire Services
Posted Jan 3, 2022 7:10 PM CST
Jury Convicts Holmes on 4 of 11 Counts
Elizabeth Holmes, center, walks to federal court in San Jose on Monday.   (AP Photo/Nic Coury)

Former Theranos CEO Elizabeth Holmes was convicted on four counts of fraud and conspiracy on Monday, ending a lengthy trial that captivated Silicon Valley. The jury found her not guilty of four other felony charges. On the three remaining charges, the jury was deadlocked, the AP reports. The former entrepreneur, who had bowed her head several times before the jury was polled by the judge, remained seated and showed no emotion as the verdicts were read. After the judge left the San Jose courtroom to meet with jurors individually, Holmes got up to hug her partner, Billy Evans, and her parents before leaving with her lawyers.

Holmes could face up to 20 years in prison on each count, though she'd probably serve them concurrently, per the New York Times. Holmes also could be fined $250,000 on each count and ordered to pay restitution, per CNN. She could appeal the verdict. The jury of eight men and four women deliberated more than 50 hours over seven days, per CNBC. Earlier Monday, the jury had informed the judge it was deadlocked on three counts. Prosecutors apparently were successful in making the case that Holmes lied to investors about the company's technology. Holmes had argued that others were to blame for the problems at Theranos.

Counts on which Holmes was acquitted involved patients who took Theranos blood tests; another involved advertisements that the patients saw. The prosecution apparently failed to convince the jury that the company founder defrauded patients, per the Times. A law professor and former federal prosecutor said the verdict sends a message to executives about their promises to investors. The case "shines a light on the importance of drawing a distinction between truth and optimistic projections—and keeping that clear in one's mind," Jessica Roth said. (More Elizabeth Holmes stories.)

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