Theranos Founder Elizabeth Holmes Found Guilty

After deliberating for more than 40 hours over six days, jurors in the Elizabeth Holmes criminal trial have found Holmes guilty on four of 11 charges of defrauding the company's investors and patients. She was found not guilty on four counts. NPR reports: When the verdict was read, Holmes had no visible reaction. She sat masked in the courtroom and later hugged members of her family in the front row of the court. Holmes could face up to 20 years in prison, although legal experts say her sentence is likely to be less than that. During the nearly four-month federal trial in San Jose, jurors heard from over 30 witnesses called by prosecutors. Together, they painted Holmes as a charismatic entrepreneur who secured hundreds of millions of dollars in investment for a medical device that never delivered on her promises. When Theranos' technology fell short, the government argued, Holmes covered it up and kept insisting that the machines would transform how diseases are diagnosed through blood tests. The jury's decision followed seven days of deliberations. Still, the jury could not reach a unanimous decision on three charges, which will be resolved at a later date.. Holmes took the witness stand for more than 20 hours to defend herself. She accused her ex-boyfriend and former deputy at Theranos, Ramesh "Sunny" Balwani, of sexual abuse, saying that clouded her sense of judgement. Balwani faces a separate fraud trial in the same court in February. Holmes also showed remorse on the stand. She said she wished she had handled some key business matters differently. But she blamed others for the downfall of Theranos. She said lab directors whom she had trusted were the ones closest to the technology. And she said Balwani, not her, oversaw the company's financial forecasts, which were later discovered to be grossly inflated. Yet the government offered evidence that Holmes had an iron grip on Theranos' operations. Prosecutors argued she did not stop -- and even helped spread -- falsehoods about the company that misled investors into pouring millions into the startup. Theranos' value, once estimated at more than $9 billion, was ultimately squandered.

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