Elizabeth Holmes found guilty on 4 of 11 charges, jury could not reach verdict on 3

Theranos founder guilty of conspiracy and fraud

The California jury in the criminal fraud case against Theranos founder Elizabeth Holmes has found her guilty on four of 11 charges on its seventh day of deliberation to determine Holmes' fate.

The panel composed of eight men and four women convicted Holmes on one charge of conspiracy and three charges of fraud. They determined she was not guilty of a second conspiracy charge and not guilty on three fraud charges. They were unable to reach a unanimous decision on another three fraud charges. 

Elizabeth Holmes

Former Theranos CEO Elizabeth Holmes leaves federal court in San Jose, Calif., Thursday, Dec. 23, 2021. (AP Photo/Nic Coury) (AP Photo/Nic Coury / AP Newsroom)


Holmes, 37, was charged by federal prosecutors with nine counts of wire fraud and two counts of conspiracy to commit wire fraud over allegations that she deceived investors and patients with her company's failed blood-testing technology. Each count carries a maximum sentence of 20 years in prison.

Holmes pleaded not guilty to all charges and took to the stand to defend herself during the trial, where she admitted to having regrets but denied defrauding anyone.

Ramesh Balwani

Former Theranos COO Ramesh Balwani appears in federal court for a status hearing on July 17, 2019 in San Jose, California.s. (Photo by Kimberly White/Getty Images) (Photo by Kimberly White/Getty Images / Getty Images)


She also placed blamed on her former boyfriend and ex-Theranos Chief Operating Officer Ramesh "Sunny" Balwani for allegedly misleading her about the effectiveness of Theranos' technology, and she accused him of emotional and sexual abuse. 

Balwani faces his own trial next year over his alleged role in defrauding the company's stakeholders.

Holmes founded Theranos at 19 years old after dropping out of Stanford University and dazzled Silicon Valley and investors alike with the promise that Theranos' technology could diagnose an array of diseases with just a few drops of blood from a patient rather than the traditional vials of blood drawn from a patient's vein.

Elizabeth Holmes

Elizabeth Holmes, Theranos CEO and the world's youngest self-made female billionaire, in an interview on September 29, 2015  (David Orrell/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images / Getty Images)


The young entrepreneur became a billionaire on paper after raising more than $900 million from investors, but things began to unravel in 2015 after The Wall Street Journal exposed that Theranos was using traditional machines for its testing rather than its own technology. Flaws in the health care startup's technology were also found, indicating that Theranos' own diagnostics were not accurate.

Holmes was indicted in 2018, the same year Theranos shut down.

FOX Business' Stephanie Pagones contributed to this report.