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<\/p>\r\n\r\n\r\n\r\nOn January 3, after seven days of deliberations, a 12-member jury in Silicon Valley found Elizabeth Holmes, the entrepreneur behind a blood testing startup, guilty of four counts of fraudulently defrauding investors. Each of the charges carries up to 20 years in prison; no sentencing date has been set. She was acquitted on four counts, including defrauding patients and doctors. The verdict, which Ms. Holmes’ lawyers are expected to appeal, marks the end of a career that misled the media, politicians and investors.<\/p>\r\n\r\n\r\n\r\n
After graduating from Stanford University in 2003 at the age of 19, Ms. Holmes founded Theranos to develop a radical advance in blood testing technology that she hoped would allow hundreds of tests to be performed using a single tiny drop of blood rather than a full blood sample. The exciting vision promised to make healthcare more efficient and effective. Theranos’ business model was based on the idea that it could perform blood tests using patented technology that required only a pin prick and a small amount of blood. Holmes claimed that the tests could detect diseases such as cancer and high cholesterol.
Holmes took the investors’ money on the condition that she would not have to disclose how Theranos’ technology worked. In addition, she had the final say on everything related to the company.<\/p>\r\n
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As Theranos began raising millions of dollars, Holmes became a media focus and a household name in the tech world. She graced the covers of Fortune and Forbes magazines, gave TED Talks and appeared on panels with Bill Clinton and Jack Ma of Alibaba.
Theranos quickly began to establish external partnerships. Capital Blue Cross and Cleveland Clinic signed an agreement to offer Theranos tests to their patients, and Walgreens signed an agreement to open Theranos testing centers in its stores. Theranos also entered into a $350 million secret partnership with Safeway.<\/p>\r\n\r\n\r\n\r\n
In August 2015, the FDA launched an investigation into Theranos. As a result, it found “serious inaccuracies” in Theranos’ patient testing.
In July 2016, Elizabeth was banned from working in the laboratory testing industry for two years. By October, Theranos closed its laboratory operations and wellness centers.In March 2018, Theranos was charged with “massive fraud.” Holmes agreed to relinquish control over the company’s finances and voting, pay a $500,000 fine, and return 18.9 million shares of Theranos stock. She was also banned from being a director or officer of a public company for 10 years.
In June 2018, Theranos announced that Holmes was stepping down as CEO. On the same day, the Department of Justice announced that a federal grand jury had indicted Elizabeth on nine counts of wire fraud and two counts of conspiracy to commit wire fraud.<\/p>","protected":false},"excerpt":{"rendered":"
On January 3, after seven days of deliberations, a 12-member jury in Silicon Valley found Elizabeth Holmes, the entrepreneur behind a blood testing startup, guilty of four counts of fraudulently defrauding investors. Each of the charges carries up to 20 years in prison; no sentencing date has been set. She was acquitted on four counts, […]<\/p>\n","protected":false},"author":1,"featured_media":1751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\n