Elizabeth Holmes Convicted on Multiple Counts of Fraud

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Elizabeth Holmes
Yichuan Cao/NurPhoto via Getty Images

Former Theranos CEO Elizabeth Holmes has been convicted of fraud.

On Monday, the jury in her case found Holmes guilty on four counts of wire fraud, not guilty on four other counts of fraud, and are deadlocked and undecided when it came to three additional charges, CBS News reports.

The jury, comprised of eight men and four women, released a note to U.S. District Judge Edward Davila on Monday, announcing that they'd come to a verdict on eight of the eleven charges.

The decisions on those charges came after nearly 50 hours of deliberation, following a lengthy four-month trial, which included testimony from 37 witnesses. Holmes is accused of lying to and defrauding investors with her blood testing company.

Judge Davila will determine sentencing on the four counts of fraud at a later date. Holmes faces up to 20 years in prison and a fine of $250,000 plus restitution for each count, potentially. 

According to CBS News, Holmes hugged her mother and father after the news of the guilty verdicts were read. A resolution to the remaining deadlocked charges is expected to come sometime this week.

During her time in the spotlight, from 2010 to 2015, Holmes founded a tech start-up and became a Silicon Valley sensation, raking in more than $4 billion for her net worth. In 2017, she became the target of investigative journalists who began uncovering falsified data and potentially illegal business practices. In 2018, authorities got involved and she was charged with several counts of wire fraud and conspiracy to commit wire fraud. 

For more on Holmes' high-profile legal battle, see the stories below.

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