Top Silicon Valley female CEO Elizabeth Holmes was found guilty on four of eleven charges of defrauding investors of $US10 billion. In a 15-week trial in San Jose, California, Holmes now faces up to 20 years jail sentence and a penalty of $250,000 for each of the four counts.
Holmes now awaits sentencing which will see her spending not less than 80 years in prison and a million dollars and restitutions..
The 37 year old disgraced CEO and founder of Theranos, a blood diagnostics company founded in 2003 faced charges of conspiracy and wire fraud for allegedly engaging in a multimillion-dollar scheme to defraud investors with the Theranos blood testing lab services.
Theranos promised to revolutionize blood testing and early disease detection. Holmes is said to have kept raising money even after a handful of whistleblowers like Tyler Shultz, had warned the technology didn’t work.
According to assistant U.S. Attorney Jeffrey Schenk, Holmes “chose fraud over business failure,” which she did — “she chose to be dishonest with her investors and patients.” U.S. Attorney Stephanie Hinds said “The guilty verdicts, in this case, reflect Ms. Holmes’ culpability in this large-scale investor fraud, and she must now face sentencing for her crimes.”