Stories
Slash Boxes
Comments

SoylentNews is people

posted by martyb on Wednesday January 05 2022, @04:23AM   Printer-friendly
from the the-harder-they-fall dept.

Elizabeth Holmes Found Guilty on 4 of 11 Charges

Elizabeth Holmes found guilty on 4 of 11 charges:

Elizabeth Holmes was convicted today of three counts of criminal wire fraud and one count of criminal conspiracy to commit wire fraud. The jury delivered its verdict after six days of deliberation.

The government's victory in the case is a rare rebuke for tech startups, which often pitch investors on their technological prowess and business acumen using wildly optimistic assumptions.

Theranos was, perhaps, an extreme example, raising over $900 million on the back of claims that its proprietary tests were better, cheaper, and less invasive than the competition. None of those claims was true, and unlike many other Silicon Valley startups, the health and safety of patients was on the line.

Holmes was found guilty of defrauding Lakeshore Capital Management (the family office of the DeVoses) of $100 million, PFM Healthcare (a hedge fund) of $38 million, and an LLC connected to Daniel Mosley (Henry Kissinger's former estate attorney) of $6 million. She was also convicted of conspiracy to commit wire fraud against Theranos investors more generally. On three charges, all alleging wire fraud against investors, the jury returned no verdict. Holmes was acquitted of all other charges, including those that involved defrauding patients. She faces up to 20 years in prison.

With the guilty verdict, Holmes, the founder of the company, is the first Theranos executive to be held criminally responsible for her actions, though she may not be the last.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 2) by maxwell demon on Wednesday January 05 2022, @03:13PM (2 children)

    by maxwell demon (1608) Subscriber Badge on Wednesday January 05 2022, @03:13PM (#1210132) Journal

    What makes you think that her pregnancy was in any way related to the trial?

    --
    The Tao of math: The numbers you can count are not the real numbers.
    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 1) by khallow on Wednesday January 05 2022, @06:55PM

    by khallow (3766) Subscriber Badge on Wednesday January 05 2022, @06:55PM (#1210208) Journal
    Timing. I don't agree that the child was solely a tool to get a better sentence. Keep in mind also that it would cement her connection to her new husband (both legally and emotionally), and that due to that trial, this may well be her last chance to have kids.
  • (Score: 0) by Anonymous Coward on Thursday January 06 2022, @09:42AM

    by Anonymous Coward on Thursday January 06 2022, @09:42AM (#1210484)

    Y'all are just jealous incels wishing you could boff the lady CEO who humiliates men like you. There's websites that cater to you, you're not alone.