A jury in a San Jose court found her guilty of four counts of fraud and conspiracy Tuesday night.
She has now been convicted of defrauding investors of more than $140 million, about NOK 1.24 billion.
Superstar in a technology environment
Holmes was a superstar in the tech community, and the company she started when she was 19 was worth billions of dollars.
Both current US President Joe Biden and former President Bill Clinton have praised the young businessman.
Theranos was set to revolutionize medical testing with a new device that could deliver results cheaper and faster than traditional labs. He should be able to run a long series of tests with just a few drops of blood.
But the machines did not deliver what the company promised, and the adventure ended in ruin and allegations of fraud and deception for the investors and customers of the company.
accused of fraud
Holmes, who was the youngest woman to make a fortune of over $1 billion in the United States, had to appear in court in San Jose to answer whether she was a fraud.
During the four-month trial, she was charged with 11 charges. Holmes was acquitted on four counts, while the jury failed to agree on all three.
Several witnesses testified during the trial and said that they told Holmes about weaknesses in the product. They said they were asked to allay their concerns, while Holmes told investors that everything went as planned.
Holmes showed no emotional signs when the jury’s decision was clear. She failed to comment when reporters asked her on her way out of the courtroom if she would appeal.
The trial of Elizabeth Holmes received a great deal of attention in the United States.
Photo: Nick Otto/AFP
The next Steve Jobs praised
She was hailed as the next Steve Jobs, but the praise gradually waned.
The trial was about whether Holmes was a fraud who deceived investors in Theranos, or whether she herself was a victim.
According to her apologists, Holmes was controlled and mentally abused by Ramesh Palwani, who was her boyfriend and business partner. He is accused in a separate case of defrauding investors and clients of the company.
Judgment will be issued later. The penalty for each point convicted is 20 years.
Ramesh Palwani is accused of the same charge as Elizabeth Holmes.
Photo: Justin Sullivan/AFP
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