Theranos Founder Elizabeth Holmes Convicted On 4 Counts Of Fraud

Elizabeth Holmes, the founder of Theranos, was found guilty of four counts of fraud in a case that symbolized Silicon Valley’s culture of hype, the New York Times reported.

Photo Insert: Theranos founder Elizabeth Holmes speaking at an event during her time at the top

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, Boston Globe reported.

Jurors said they were unable to agree on three of the 11 counts in her fraud case.

Holmes anchored her defense on the claim that her ex-boyfriend and fellow organizer of the blood-typing start-up hatched the operation to gyp investors.

Once hailed as a big Silicon Valley start-up, Theranos failed to show any technical capacity to pursue its business and hit the bottom of the barrel in due time, its value sinking to zero, joining a parade of hyped-up US firms that proved to be duds.

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