BREAKING NEWS

A jury decided the fate of disgraced tech star Elizabeth Holmes. Here is what they ruled.

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Source: MEGA

Jan. 3 2022, Published 7:32 p.m. ET

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Disgraced tech mogul Elizabeth Holmes has been found guilty on some counts of a scheme to defraud investors of millions, according to reports.

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A federal jury handed down its verdict on Jan.3 after weeks of testimony and evidence.

The jury deliberated for several days and convicted Holmes of four counts, according to media reports. She was facing 11 counts related to wire fraud.

The jury said it was deadlocked on three charges.

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Holmes was a rising star in the tech industry through her company, Theranos, which claimed to provide a breakthrough medical blood testing system.

Prosecutors said the company knew the testing could not produce constant and accurate results.

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Holmes and Ramesh Balwani used schemes to defraud investors, doctors and patients of millions of dollars, prosecutors say.

They made false claims about the testing reliability and bought advertisements to convince people to purchase the testing at local pharmacies. They also told investors that Theranos would generate more than $100 million and that revenues were expected to grow to about $1 billion in a year.

The claims were despite the two knowing the company would only generate small revenues, according to prosecutors.

Holmes’ sentencing is set for a later date. She faces decades in prison.

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