{"id":129489,"date":"2022-01-04T09:00:08","date_gmt":"2022-01-04T08:00:08","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=129489"},"modified":"2022-01-04T09:00:08","modified_gmt":"2022-01-04T08:00:08","slug":"california-jury-finds-theranos-founder-elizabeth-holmes-guilty-in-fraud-trial","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/01\/04\/california-jury-finds-theranos-founder-elizabeth-holmes-guilty-in-fraud-trial\/","title":{"rendered":"California jury finds Theranos founder Elizabeth Holmes guilty in fraud trial"},"content":{"rendered":"

Elizabeth Holmes, founder of Theranos was pronounced guilty on Monday by a California jury for conspiring to defraud investors in the blood-testing startup.<\/p>\n

She was convicted on four of 11 counts, acquitted on four counts. The jury could not reach a decision on three counts.<\/p>\n

Prosecutors said Holmes, 37, swindled private investors between 2010 and 2015 by convincing them that Theranos\u2019 small machines could run a range of tests with a few drops of blood from a finger prick.<\/p>\n

Holmes was also charged with misleading patients about the tests\u2019 accuracy.<\/p>\n

Holmes rose to Silicon Valley fame after founding Theranos in 2003.<\/p>\n

Wealthy private investors including media mogul Rupert Murdoch invested millions in the company after meeting with the founder who was known for her Steve Jobs-like black turtleneck.<\/p>\n

The case has shed light on Theranos\u2019 failed endeavour to revolutionize lab testing.<\/p>\n

The company secretly relied on conventional machines manufactured by Siemens to run patients\u2019 tests, prosecutors said.<\/p>\n

Theranos collapsed after the Wall Street Journal published a series of articles that suggested its devices were flawed and inaccurate.<\/p>\n

Holmes was indicted in 2018 alongside Theranos\u2019 former chief operating officer Ramesh \u201cSunny\u201d Balwani.<\/p>\n

She had pleaded not guilty to nine counts of fraud and two counts of conspiracy.<\/p>\n

Balwani also has pleaded not guilty<\/a> and will be tried at a later date.<\/p>\n

During the trial in San Jose, California, which began in September, jurors heard testimony from former Theranos employees who said they left the company after witnessing problems with its technology.<\/p>\n

Investors testified that Holmes made misleading claims about Theranos, that its machines were being used in the field by the U.S. military.<\/p>\n

And former patients told jurors that they would not have used Theranos\u2019 tests if they had known the tests were flawed.<\/p>\n

Prosecutors said had Holmes been truthful with investors and patients, the venture never would have attracted critical funding and revenue.<\/p>\n

\u201cShe chose fraud over business failure. She chose to be dishonest,\u201d Assistant U.S. Attorney Jeff Schenk said at the start of closing arguments. \u201cThat choice was not only callous, it was criminal.\u201d<\/p>\n

Testifying in her own defense at trial, Holmes said she never meant to deceive anyone and that Theranos\u2019 lab directors were in charge of test quality.<\/p>\n

In closing arguments, defense attorney Kevin Downey said the evidence did not show Holmes was motivated by a cash crunch at Theranos, but rather thought she was \u201cbuilding a technology that would change the world.\u201d<\/p>\n

\u201cYou know that at the first sign of trouble, crooks cash out,\u201d but Holmes stayed, Downey said.<\/p>\n

\u201cShe went down with that ship when it went down.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Elizabeth Holmes, founder of Theranos was pronounced guilty on Monday by a California jury for conspiring to defraud investors in the blood-testing startup. She was convicted on four of 11 counts, acquitted on four counts. The jury could not reach a decision on three counts. Prosecutors said Holmes, 37, swindled private investors between 2010 and […]<\/p>\n","protected":false},"author":9,"featured_media":129498,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[39],"tags":[4301,26618,26616,21868,26617,21870,4024,26615],"class_list":["post-129489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us","tag-california","tag-california-jury","tag-elizabeth-holmes","tag-finds","tag-fraud-trial","tag-guilty","tag-jury","tag-theranos-founder"],"yoast_head":"\nCalifornia jury finds Theranos founder Elizabeth Holmes guilty in fraud trial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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