On Monday, a jury in San Jose, California, returned its verdict: guilty on four counts on fraud
Elizabeth Holmes Photo: Michael Short/Bloomberg via Getty Images Elizabeth Holmes, self-styled “best businessperson of the year” and owner of one of the world’s largest black-turtleneck collections, is now facing prison time for defrauding investors. .
Holmes is the once-rising star of Theranos, a company that claimed to have revolutionized blood analysis. Valued at $9 billion in 2015, Theranos claimed its machine could complete a suite of tests with just one drop of blood when really they didn’t do much of anything at all — as documented by multiple podcasts, documentaries, books, and soon, both a feature film and a Hulu series.
Throughout the months of court proceedings, jurors heard from the prosecution’s almost 30 witnesses; they also heard from Holmes herself. The disgraced founder testified for more than a week, insisting she did not intentionally mislead anyone. She also accused Ramesh Balwani, her ex and former business partner, of emotional, physical, and sexual abuse, saying he exercised tight control over her personal life and professional decisions.
While the abuse narrative put the mostly male prosecution team in what NPR calls an “awkward position,” it also marked a departure from her defense up until that point: Her own account had made her sound like an especially involved, omniscient CEO rather than an inexperienced newcomer. Balwani, for his part, denied Holmes’s allegations through an attorney and is set to stand trial on the same charges early this year.
Each of the four fraud charges — three counts of wire fraud and one count of conspiracy to commit wire fraud — carries a maximum sentence of 20 years in prison. As for the other seven charges, the jury found her not guilty of four counts of fraud relating to patients who had used Theranos’s devices; it was unable to reach a verdict on the remaining three counts of deceiving investors.
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