Theranos founder Elizabeth Holmes and her lawyer leave the courthouse in San Jose, California, on 3 January.Elizabeth Holmes, the infamous biotech chief executive who promised to revolutionize blood testing, has been found guilty of fraud. The Theranos founder intentionally deceived investors, a US federal jury concluded yesterday after a nearly four-month trial. Holmes likely faces up to 20 years in jail and a hefty fine. She has not yet been sentenced.
Investors and the public believed that Theranos was analysing the blood samples it received with its novel machines. But in reality, the company could run only a few tests on its platform. The rest went through traditional blood-testing equipment developed by other companies.
A hearing next week will address how to handle the three unresolved charges, says Steven Clark, a lawyer in private practice in San Jose and former district attorney in the region. Balwani will be tried separately in a federal court proceeding scheduled to begin in February.The Theranos scandal has provided salacious fodder for books, movies and podcasts.
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