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Theranos Founder Elizabeth Holmes Found Guilty of Defrauding Investors

HeadlineJan 04, 2022

In California, a federal jury in San Jose has found Elizabeth Holmes guilty of defrauding investors who poured hundreds of millions of dollars into the blood-testing startup Theranos. Holmes founded Theranos in 2003 at the age of 19. A decade later, she announced her company had produced a medical device that could test for more than 200 health conditions with only a few drops of blood. In fact, the device could run only a small number of such tests, and Theranos secretly relied on larger, commercially available blood-testing machines for its results. Holmes attracted large investments from billionaires including media mogul Rupert Murdoch, members of the Walton family and the family of former Education Secretary Betsy DeVos. Holmes was found guilty on four of 11 counts of wire fraud and conspiracy related to misleading investors. She faces up to 20 years in prison for each of the four charges, though white-collar criminals rarely face such a steep penalty. She posted bond and will remain free as she appeals Monday’s verdict, a process that could take years. 

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