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Holmes was acquitted on four counts, while the judges failed to make a decision on three counts.
The U.S. Judiciary has found Theranos’ co-founder Elizabeth Holmes guilty of conspiracy to defraud investors by starting a blood test. Holmes was found guilty Monday in four of 11 cases.
He was acquitted of four counts, and the judges could not rule in his favor on three counts.
Critics allege that Holmes, 37, embezzled business funds between 2010 and 2015 by proving that small Theranos machines could test multiple tests with a few drops of blood from a fingertip.
Holmes was also accused of misleading patients about the accuracy of the tests.
Holmes rose to prominence in Silicon Valley after establishing Theranos in 2003.
Wealthy business owners, including media mogul Rupert Murdoch, put millions into the company after meeting the founder known as Steve Jobs as a black turtleneck.
The case highlighted Theranos’ failure to change lab tests. The company secretly relied on a standard Nokia-enabled machine to run patient tests, critics said.
Theranos crashed after the Wall Street Journal published a series of articles that showed his weapons were flawed and faulty. Holmes was indicted in 2018 along with former Theranos Ramesh “Sunny” Balwani.
He pleaded guilty to nine counts of conspiracy and two counts of conspiracy. Balwani has pleaded not guilty to the charge and will be tried in the future.
In a trial in San Jose, California, which began in September, judges heard evidence from former Theranos employees who said they had left the company after experiencing difficulties with his professionalism.
Advertisers testified that Holmes lied about Theranos, as if his machine was being used in the field by US troops. And former patients told the judges that they would not have used the Theranos test if they had known that the test was incorrect.
Critics have said that if Holmes were true to investors and patients, the project would not attract more money and resources.
“They chose to cheat instead of failing to do business. He chose to be unfaithful, “said U.S. Attorney General Jeff Schenk at the beginning of the last debate.
Giving evidence in his defense, Holmes said he did not want to deceive anyone and that Theranos lab superintendents were in charge of the tests. Finally, attorney Kevin Downey said the evidence did not show that Holmes was encouraged by the increased funding for Theranos but thought he was “developing a technology that could change the country”.
“You know that as soon as a problem arises, the terrorists make money,” but Holmes remained, Downey said. “He got off the boat when it came down.”
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