Elizabeth Holmes, the founder of Theranos, which promised a revolutionary technology in the blood testing industry, was convicted by a jury of four counts in the criminal case against her.
The jury began hearing the case in mid-December, after hearing testimonies from 32 people for three months. The jury hearings lasted more than 50 hours lasting seven days.
She was convicted on a count of intent to commit fraud and on three counts of committing fraud against specific investors. Holmes was acquitted of four additional counts and the jury failed to reach a decision regarding three more counts. It is expected to face a new trial regarding these sections. The judge will sentence Holmes to a sentence of up to 20 years in prison.
Holmes managed to raise $ 945 million from high-profile investors, and at its peak Theranus was worth about $ 9 billion.
Holmes founded Terranus after dropping out of Stanford University in her sophomore year. She built the company for nearly 12 years before a series of Wall Street Journal articles that began in 2015 revealed problems with the company’s finger-piercing blood technology, and those articles then sped up regulatory action, criminal charges and finally in 2018 the company collapsed.