Elizabeth Holmes, who at the age of 19 convinced investors to infuse money in her blood testing company Theranos, was found guilty of defrauding investors. Prosecutors said on Monday that ib 2010 to 2015, she swindled private investors by making them believe that the Theranos blood-testing could run a wide range of tests on just a single drop of blood.
Based on investors testimonies, Holmes made numerous misleading claims about her blood-testing machine. One example of such claim is that their Theranos machines are being utilized by the U.S military. According to prosecutors, if Holmes had been honest to investors, Holmes’ Theranos technology would not have received the critical funding she sought.
What the Jurors Found as Fraudulent in the Theranos Case
State prosecutors were able to prove that Theranos failed in its bid to revolutionise lab testing. Instead, the company secretly relied on traditional Siemens testing machines in running tests for patients. During the trial, which started in September in San Jose, California, members of the panel of jurors listened to testimonies of former Theranos employees who provided details about the problems demonstrated by the Theranos blood-testing technology.
Holmes stands to face 80 years in prison but many expect that U.S. District Judge Edward Davila will decide on a shorter sentence.