the staff of the Ridgewood blog
Ridgewood NJ, Elizabeth Holmes the Founder of Theranos and a one time Silicon Valley wonderkid a poster child for millennial brilliance has been convicted on multiple counts of fraud after a months-long federal trial. Holmes rise to fame was legendary and she became the focus of the John Carreyrou book called “Bad Blood” .
The Theranos founder was found guilty of four counts of wire fraud and conspiracy to commit wire fraud on Monday. She was found not guilty of four other counts, and jurors were unable to reach a unanimous verdict on the remaining three counts against her.
Holmes was charged with nine counts of wire fraud and two counts of conspiracy to commit wire fraud. The Justice Department alleged that Holmes and Ramesh “Sunny” Balwani, Theranos’ former president and COO, schemed to defraud investors, doctors, and patients by making false claims about Theranos’ technological abilities and finances and by hiding information about issues with the company’s blood-testing machines. Each count carries with it a maximum 20-year prison sentence, a $250,000 fine, and a requirement to pay restitution.