Elizabeth Holmes CEO of Theranos Company accused of Federal Fraud

Elizabeth+Holmes+CEO+of+Theranos+Company+accused+of+Federal+Fraud

Charlotte Winters, Staff Writer

Elizebeth Holmes is the former CEO of a failed blood-testing startup named Theranos. Holmes was convicted on four federal fraud charges and faces up to 20 years in prison as well as a fine of $250,000 and restitution for each account. Holmes got her verdict on January 3, 2022, at the federal courthouse in San Jose California. This was able to happen because of the 30 witnesses that took the stand during the trial and tried against her.

Holmes was found to be connected to a large-scale investor fraud and to be tied to wired fraud accounts. And another account was conspired to defraud investors.

“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.” a spokesperson said outside the courthouse, stated in CNN.

Theranos, the company that Holmes was starting up, was said to be a breakthrough in health technology before it was found to be included in fraudulent activity. It was dubbed to be a so-called breakthrough because of the small amount of blood they needed to have for it to be tested, which was later found out to be false.

She was described as “the world’s youngest self-made female billionaire”, trumpeted Forbes magazine. The “next Steve Jobs”, said Inc, another business magazine that put her on the cover, stated in BBC news.

Holmes founded the startup in 2003 at 19 years old and was able to raise more than $700 million, from private investors and capitalists. Making the company a $10 billion-dollar company at its peak during 2013 and 2014. In the coming years, the effect of this business will start to shine through more and more. Accounts of fraud may be added to the list of charges if any more evidence comes to light as well as the true reason for Holmes’s fraud.