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Theranos founder Elizabeth Holmes found guilty on four counts of fraud

Theranos founder Elizabeth Holmes was convicted on four counts of fraud and faces a maximum of 20 years in prison per charge.

Holmes was found guilty of exaggerating to investors what her blood-testing company’s machines did, how much money the company could make, and the use of the machines.

According to NBC News, Holmes was acquitted on 7 out of the 11 charges, each relating to defrauding patients, and one count of conspiracy. However, the jury was set on three counts of defrauding investors, with wire fraud amounts ranging from $99,000 to $5.3 million. In total, Holmes defrauded investors of almost $145 million. 

Holmes showed no emotion as the verdict was read, and quietly walked over to her family, with whom she left hand in hand. Holmes is the one behind marketing a modernized blood test, which was a cheap finger prick that could run a complete blood diagnostic on a much smaller device at a lower cost. She dropped out of Stanford University to pursue her idea. 

Holmes recruited big names to invest in her company and quickly became recognized as a female inspiration for her leadership and achievements. In 2014 she became the world’s youngest female self-made billionaire.

Not long after, the Wall Street Journal reported that Theranos’ devices were inaccurate, and her company was utilizing other company’s devices to run blood tests. Federal prosecutors insist Holmes fooled investors into supporting a product that she knew was faulty. 

ARTICLE: JILLIAN WEIDNER

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: EURONEWS.COM

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I was born and raised in Omaha, NE before moving to Sioux Falls, SD to attend college at Augustana University. This past May I graduated from Augustana with a Bachelor of Arts in Spanish and Biology with an emphasis in Allied Health. I first discovered FBA through my involvement with Turning Point USA where I worked as a Campus Coordinator in college. I have a passion for politics and activism, and was drawn to FBA’s dedication to spreading the truth. Unbiased news is rare in today’s society, so I wanted to be a part of FBA’s mission to change that.

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