Theranos Scandal: Elizabeth Holmes Found Guilty of Fraud by US Court

New Delhi: Elizabeth Holmes, the founder of American startup company Theranos, was found guilty on Monday by a jury of defrauding investors.

Interestingly, these investors were falsely assured by Holmes that her startup company had developed a revolutionary medical device that could detect the severity and condition of diseases by examining a few drops of blood.

However, a 12-member jury acquitted Holmes of four other charges of fraud and conspiracy.

Reportedly, Holmes could now face up to 20 years in prison for each charge.

Federal prosecutors described Holmes as obsessed with fame and fortune. However, Holmes did not respond to questions about the jury's decision.

Notably, prosecutors spent almost 11 weeks and presenting more than two dozen witnesses and eventually they were successful to put their argument in front of the jury that despite Holmes knowing that her technology would not work as promised, she misled investors and patients.

According to reports, she used the logos of pharma giants like Pfizer and Schering-Plough onto her company's reports appreciating her blood-testing technology, which were then shared with the investors.

The reports further claimed that this was done without the firm's permission, and the same act worked against her in front of the jury.

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