JOIN USWhat happens next to Elizabeth Holmes
Elizabeth Holmes, founder of the failed blood testing startup Theranos, now awaits sentencing after being found guilty of four of 11 charges of fraud Monday.
Holmes, 37, left the San Jose, California, courtroom through a side door after the verdict was read in the case, which was closely scrutinized as a commentary on Silicon Valley. She was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud. She was found not guilty on four other counts. The jury was unable to reach a verdict on three counts, which were set aside for later.
A conference will be held next week on the three counts in which the jury could not reach a verdict. Holmes can appeal the conviction, her sentence or both. She will also be interviewed by the US Probation Office as it prepares a presentence report.
Each count of wire fraud carries up to 20 years in prison, although Holmes is unlikely to receive the maximum sentence because she has no prior convictions, said Neama Rahmani, president of the West Coast Trial Lawyers and a former federal prosecutor.
But he said her sentence was likely to be on the higher end because of the amount of the money involved. Holmes raised $945 million for Theranos during the startup’s lifetime, and those investments were ultimately wiped out.
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