Elizabeth Holmes, founder of Theranos, is found guilty of US fraud

by

The founder of the American biotechnology company Theranos, Elizabeth Holmes, was found guilty of fraud on Monday (3) in a California court, in a case that challenged the business culture of Silicon Valley.

The jury concluded that Holmes was guilty of tricking investors into putting money into his California-based startup, which promised to revolutionize blood testing with tools that were faster and cheaper than those used by traditional labs.

Jurors, however, acquitted the executive of other crimes and were unable to agree on several of the eleven charges she faced.

Holmes, 37, faces years in prison in a case that draws a line between technological innovation and criminal dishonesty.

The former Silicon Valley pledge founded Theranos at age 19. She guaranteed the company would revolutionize the diagnostic testing industry with machines that could deliver quick results with just a few drops of blood, a project that attracted major investors and made her a billionaire in her 30s.

The woman was once considered the world’s next tech personality, but her empire collapsed after the Wall Street Journal reported that her diagnostic machines weren’t working as promised.

The jury completed seven days of deliberations this Monday.

.

You May Also Like

Recommended for you