Theranos founder Elizabeth Holmes found guilty of four cases of fraud

Theranos founder Elizabeth Holmes found guilty of four cases of fraud

But she was deceived when she lied about the accuracy, types, and number of tests Theranos’ machines could run to raise funds and close deals.

“This is a crime on Main Street and a crime in Silicon Valley,” said Robert Leach, an assistant US attorney, in his opening address at the beginning of the trial.

The verdict concludes an almost four month long process that alternated between exciting and arduous. There were delays due to a coronavirus horror, burst water pipe, technology issues in the courtroom and jury travel. One juror was dismissed for playing Sudoku and another for her Buddhist beliefs. Crowds of viewers, many following the Theranos saga in podcasts, documentaries, books, and news articles, waited for hours in the confined space of the courtroom.

Inside, juries heard dozens of witnesses and saw hundreds of pieces of evidence used in support of prosecutors’ argument that Ms. Holmes knowingly misled investors and patients on her rise to fame and fortune.

Witnesses included James Mattis, former Secretary of Defense who served on Theranos ‘board of directors, and Lisa Peterson, who ran the money for former Education Secretary Betsy DeVos’ wealthy family and invested $ 100 million in Theranos. Prominent investors such as Rupert Murdoch and Larry Ellison, as well as two former foreign ministers, George Shultz and Henry Kissinger, who sat on the board, were discussed but never called to the booth.

The evidence in the case outlined Ms. Holmes’ role in fake demonstrations, fake validation reports, misleading claims about contracts and exaggerated financial data at Theranos. The jury listened to recordings and watched videos of Ms. Holmes making exaggerated or misleading claims about Theranos.

Prior to its closure in 2018, Theranos invalidated its blood tests for two years. It paid off to resolve multiple investor lawsuits as well as allegations of fraud by the Securities and Exchange Commission.

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Rachel Meadows

Rachel Meadows

Trending topics news writer who enjoys cooking, walking her dog and travel.

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