Elizabeth Holmes Has Been Found Guilty For Defrauding Investors
Elizabeth Homes, was found guilty of wire fraud and conspiracy to conduct wire fraud. For scamming investors in her blood testing firm, Holmes faces up to 20 years in jail. After a months-long trial, and more than three years after she was originally indicted and forced to resign as CEO in 2018. Althuogh the jury returned a guilty judgement.
Elizabeth Holmes was found guilty of four of the eleven charges. These included conspiracy to deceive investors and three counts of wire fraud against individual investors. She was acquitted of four further accusations, including one allegation of conspiracy to cheat patients. She also has two counts of fraud against investors, and one act of wire fraud coming from advertisements. Theranos came in second.
The $9 billion empire of Elizabeth Holmes
Even outside of Silicon Valley, the narrative of Sherlock Holmes has piqued people’s interest. Theranos had a board of directors full of former high-ranking government officials. This included two former Secretaries of State, Henry Kissinger and George Shultz, and was valued at more than $9 billion at its height. Holmes, who dropped out of Stanford to create the firm, was frequently featured on magazine cover. And she was frequently compared to Steve Jobs and other well-known entrepreneurs. (She is said to have been smitten by Jobs and to have adopted his distinctive black turtlenecks.)
Holmes to pay a huge bail amount
Holmes, who is expected to file an appeal, may face a term of up to 20 years in jail, but it is unclear when she would be sentenced. According to Mercury News reporter Ethan Baron, after the judgement, the judge in the case indicated Holmes would be permitted to stay free on bond for the time being. However a fresh hearing “to examine any modification in the circumstances of Holmes’ liberty” may come as soon as next week. Prosecutors also requested that Holmes’ release terms be adjusted so that she must “put up cash or property. Rather than merely her signature, to secure her $500,000 bond.”
Originally published at https://www.thenexthint.com on January 4, 2022.