Elizabeth Holmes trial: Split verdict finds Theranos founder guilty of four counts of criminal fraud, not guilty on four other accounts
In a stunning climax to Silicon Valley’s most dramatic and closely watched startup crash, Theranos founder Elizabeth Holmes was found guilty Monday of four counts of defrauding investors, each carrying a maximum penalty of 20 years in prison.
Holmes did not visibly react to the reading of the verdict. When the jury was discharged, Holmes, in a charcoal skirt-suit, arose and walked over to briefly hug her partner Billy Evans, her mother Noel and her father Christian, one after another. But she left the courtroom with an expression of distress — and when asked on her way out of the courthouse whether she planned to appeal the verdict, or whether she believes she committed fraud, Holmes declined to answer.
For 12 years her star grew brighter, and her on-paper wealth larger — $4.5 billion at its peak, when Theranos was valued at $9 billion — before a 2015 newspaper exposé sent Holmes crashing down. Lawsuits followed, and a federal regulator forced Holmes to agree to a $500,000 fine and a 10-year ban on serving as an officer or director of a public company. In 2018, the U.S.
A parade of investors testified that Holmes claimed to them that her technology was in use on military helicopters, after the jury heard from Theranos insider Daniel Edlin, who spent five years at the company in management roles close to Holmes, that he was not aware of the company’s technology being used clinically in war zones or military aircraft. Former U.S. Secretary of Defense James Mattis, an investor who served on the Theranos board with former U.S.
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