Four counts of federal fraud were slammed against Theranos founder Elizabeth Holmes over her embellishment to investors on the extent of capabilities of her blood testing company’s machines, NBC News reported.
She also exaggerated the amount the company could generate as well as the scope of the usage of the machines.
Each charge will cost the founder a maximum of 20 years in prison.
The length will be decided by the judge in a yet to be scheduled hearing. Holmes, being a first-time offender, can probably not face the whole term.
Apart from the charges, Holmes also faces fines and must also compensate her company’s investors.
She was acquitted of all defrauding-related charges victimizing patients, and one count of conspiracy, which are all included in 11 charges.
The founder was convicted of defrauding her company’s investors for over $140 million. Included in the amount was a fund linked to the former Education Secretary Betsy DeVos’ family, which was about $100 million from Lakeshore Capital Management.
Holmes seemed patient as the verdict was readout. She was seen sitting more than she did during the trial as he remain erect and without any noticeable movements.
She proceeded to her family as the court recessed. Christian Holmes, her father, gave her a kiss on the forehead. She also casually touched Billy Evans, her partner, and Noel, her mother. They went out of the courthouse holding each other’s hands. They passed through the crowd and entertained no questions.
37-year-old Holms is still free on bond.
She marketed a modernized blood test which was later found to be inaccurate, as reported by the Wall Street Journal in 2015 and 2016.
Initially, Holmes was slammed with a dozen fraud counts but the ninth was dropped during the trial. It was the one that refers to an individual patient.