Elizabeth Holmes found guilty on four counts of criminal fraud

Elizabeth Holmes, founder of Theranos, which was a touted as a revolutionary blood testing company, was found guilty of four of the 11 charges brought against her in a criminal fraud case.

According to Fox News the California jury found that Holmes was guilty after seven days of deliberation on the evidence brought during the trial.

“The panel composed of eight men and four women convicted Holmes on one charge of conspiracy and three charges of fraud. They determined she was not guilty of a second conspiracy charge and not guilty on three fraud charges,” Fox News reported.

“They were unable to reach a unanimous decision on another three fraud charges.”

Holmes, who is 37, was charged with nine counts of wire fraud and tow counts of conspiracy to commit wire fraud due to allegations that she decided investors and patients during her tenure leading the company.

The company has now been found to have failed at it’s mission to revolutionize blood-testing technology.

Each of the counties carries a possible maximum sentence of 20 years in prison, should she be given the most time incarcerated possible.

“Holmes pleaded not guilty to all charges and took to the stand to defend herself during the trial, where she admitted to having regrets but denied defrauding anyone,” Fox reported.

The former CEO also attempted to transfer the blame to her former boyfriend and ex-Theranos Chief Operating Officer Ramesh “Sunny” Balwani for reportedly misleading her about the technology Thernos’ was offering.

Holmes accused Balwani of both emotional and sexual abuse. The former COO will face trial over his role in the company where he potentially defrauded stakeholders next year.

“Holmes founded Theranos at 19 years old after dropping out of Stanford University and dazzled Silicon Valley and investors alike with the promise that Theranos’ technology could diagnose an array of diseases with just a few drops of blood from a patient rather than the traditional vials of blood drawn from a patient’s vein.

“The young entrepreneur became a billionaire on paper after raising more than $900 million from investors, but things began to unravel in 2015 after The Wall Street Journal exposed that Theranos was using traditional machines for its testing rather than its own technology. Flaws in the health care startup’s technology were also found, indicating that Theranos’ own diagnostics were not accurate.”

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