Theranos fraud Elizabeth Holmes found guilty
Elizabeth Holmes, the founder and CEO of blood-testing startup Theranos, was found guilty of four charges of fraud Monday at the culmination of a long and complex trial. She was acquitted on four other counts and jurors could not agree on three more. Holmes faces a maximum 20 years in jail, according to most analyists.
After a decade of operating under the radar, Theranos began publicly touting its ability to test for conditions like cancer and diabetes with just a few drops of blood taken by a finger prick and announced a retail partnership with Walgreens. Many bought into the promise: Theranos raked in $945 million from high-profile individuals who invested in Theranos, including media mogul Rupert Murdoch, Oracle founder Larry Ellison, Walmart's Walton family and the billionaire family of former Secretary of Education Betsy DeVos. That valued Theranos at $9 billion, making Holmes, for a time, a paper billionaire. But, the dominoes started to fall after a Wall Street Journal investigation in 2015 revealed the company was only using its proprietary technology for around a dozen of the hundreds of tests it was offering, and with questionable accuracy.
An important thing to note while you're thinking of the serving of justice and for whom: she was convicted of defrauding investors, not patients.
DMT.NEWS
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Rob Beschizza, Khareem Sudlow
