Legal proceedings Former billionaire Elizabeth Holmes, founder of blood testing company Theranos, found guilty of fraud

Elizabeth Holmes, founder of Theranos, raised billions in assets with unsecured promises.

Stateside Founder of Theranos Blood Testing Company Elizabeth Holmes has been convicted of four fraud – related crimes in a federal court in California, says, among others The New York Times.

Twelve charges were filed against Holmes. Part of Holmes was released and one was abandoned during the trial. Again, some of the charges were not settled by the jury and are due to be heard at a later date.

Holmes faces a maximum of 20 years in prison, according to US media. The length of the verdict will be announced later.

Holmes himself has denied the charges. It is therefore likely that he will appeal his verdict.

Theranos markets a testing technique that would determine, for example, a few drops of blood taken from a fingertip of a patient with cancer or diabetes.

Holmes raised hundreds of millions of dollars in financing and huge assets for his company, but it was eventually revealed that it was a scam.

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The test device, named Edison, didn’t really work as it should. In addition, it was found that Theranos had carried out a large part of its tests with equipment developed by other companies.

Yet in 2014, Holmes was praised as Silicon Valley’s startup queen and new Steve Jobs. Forbes magazine estimated her net worth at $ 3.6 billion, making Holmes the youngest female millionaire whose assets had not been inherited but self-acquired.

The card house began to collapse in 2015 when a company employee raised concerns that a testing device named Edison was not actually working as it should.

The Wall Street Journal then wrote a series of revelations that Theranos had done much of its testing with equipment developed by other companies. Eventually, Theranos was first banned and shut down in 2018.

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