Theranos CEO Elizabeth Holmes Found Guilty on Some Charges in Fraud Trial

Theranos CEO Elizabeth Holmes has been found guilty on four counts and not guilty on four counts in her fraud case, with the jury giving no verdict on three additional charges.

By Lindsay Weinberg Jan 04, 2022 1:18 AMTags
Elizabeth HolmesJamie McCarthy/Getty Images for Glamour

The verdict is in on Elizabeth Holmes' fraud case.

The Theranos CEO was found guilty on four counts and not guilty on four counts on Monday, Jan. 3.

Holmes is guilty of one count of conspiracy to commit wire fraud and three counts of wire fraud. Each count of fraud includes a maximum prison sentence of 20 years, according to The New York Times, which notes the sentences are "likely to be served concurrently."

The jury decided Holmes was not guilty of the second count of conspiracy to commit wire fraud, and they reached no verdict on three more counts of wire fraud. She was additionally found not guilty on the final three counts in the case.

E! News has reached out to her lawyer for comment. She had pleaded not guilty on all counts prior to the trial.

Holmes, who dropped out of Stanford in 2004, became a "Tech visionary," in the words of Theranos board member and former U.S. Secretary of State Henry A. Kissinger. He wrote her TIME magazine profile in 2015 when she was named one of the outlet's "100 most influential people."

Her blood testing start-up advertised an easier finger prick method.

After the Downfall: What Elizabeth Holmes and the Theranos Team Are Up to Now

But, in 2015, The Wall Street Journal reported that Theranos' claims were not accurate and its healthcare devices couldn't perform as promised. Her company was accused of raising nearly $1 billion by deceiving investors. 

Watch: "Fruitcake Fraud" Dives Into $17 Million Embezzlement

"The guilty verdicts in this case reflect Ms. Holmes' culpability in this large scale investor fraud and she must now face sentencing for her crimes," said U.S. Attorney Stephanie Hinds in a statement after the trial. "I thank the jurors for their thoughtful and determined service that ensured verdicts could be reached."

Holmes' trial has lasted more than three months and has fascinated both the public and Hollywood. Her case has already inspired the popular book Bad Blood, the HBO documentary The Inventor: Out for Blood in Silicon Valley and an upcoming Hulu drama series, The Dropout. Last month, Hulu released the first look at Amanda Seyfried's transformation as Holmes, before the series premieres on March 3. 

Read more about the scandal here.