Elizabeth Holmes Found Guilty of Four Charges of Fraud [View all]
Source: NY Times
SAN JOSE, Calif. — Elizabeth Holmes, the founder of the failed blood testing start-up Theranos, was found guilty of four charges of fraud on Monday, in a case that came to symbolize the pitfalls of Silicon Valley’s culture of hustle, hype and greed.
Ms. Holmes was the most prominent tech executive to field fraud accusations in a generation of high-flying, money-losing start-ups. A jury of eight men and four women took 50 hours to reach a verdict, convicting her of three counts of wire fraud and one count of conspiracy to commit wire fraud. She was found not guilty on four other counts.
Each count carries a maximum sentence of 20 years in prison, terms that are likely to be served concurrently. Ms. Holmes is expected to appeal.
The verdict stands out for its rarity. Few technology executives are charged with fraud and even fewer are convicted. If sentenced to prison, Ms. Holmes would be the most notable female executive to serve time since Martha Stewart did in 2004 after lying to investigators about a stock sale. And Theranos, which dissolved in 2018, is likely to stand as a warning to other Silicon Valley start-ups that stretch the truth to score funding and business deals.
Read more: https://www.nytimes.com/live/2022/01/03/technology/elizabeth-holmes-trial-verdict
She’ll probably get less than five years. Criminal.
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