Jury finds Theranos founder guilty of defrauding investors
Jury finds Theranos founder ...
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Jury finds Theranos founder guilty of defrauding investors

4 January 2022
4067
1 min.
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Jury finds Theranos founder guilty of defrauding investors

Scamming Theranos for investors

A jury in San Jose, on Monday convicted Elizabeth Anne Holmes, businesswoman, founder and CEO of biotechnology company Theranos, of defrauding investors, according to CNN.

The jury acquitted Elizabeth Anne Holmes of 7 other charges of defrauding investors and patients. The charges on which she was convicted, however, could result in a maximum 20-year prison sentence and $250,000 in damages for 4 counts each. By the way, the dates will be set later.

In 2003, Holmes at the time a 19-year-old Stanford University student founded the biotech company Theranos. A year earlier, she had received a scholarship for a research project. She dropped out after convincing her chemical engineering professor, Channing Robertson, to use the money to develop an innovative blood analysis system. Holmes' idea was to create a device that could perform dozens of tests and diagnose hundreds of diseases from a single drop of blood taken from her finger.

The idea proved attractive to investors. Theranos grew rapidly in capitalisation, the company became one of Silicon Valley's leading companies, and Holmes was compared to Steve Jobs, Elon Musk and Mark Zuckerberg. In 2015, however, it emerged that Edison's microquantitative analyzer was not working. Holmes was sued for fraud and defrauding investors. The company quickly depreciated and ceased to exist.

Persons5 and Companies2 in the news

Co-founder of Apple
1 place
Co-leader of the technology advisory board at Theranos
2 place
Founder of Theranos
3 place
CEO of Tesla
4 place
Internet entrepreneur and philanthropist, CEO of Facebook
5 place
Theranos
1 place
CNN
CNN
2 place
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