Elizabeth Holmes leaves federal court after the verdict in San Jose, Calif., Monday, Jan. 3, 2022. Holmes was convicted of fraud for turning her blood-testing startup Theranos into a sophisticated sham that duped billionaires and other unwitting investors into backing a seemingly revolutionary company whose medical technology never worked as promise. Photo: Nic Coury/AP Elizabeth Holmes' Odd Verdict and Probable Massive Jail Sentence
The verdict is weird. Only in California can you get yes, no, and we don't know. Prosecutions are typically binary. Defendant is charged, and either pleads guilty or goes to trial. At trial, usually, you see guilty or not guilty, sometimes neither, and the jury can't agree or is hung. It's unusual to get all three in one case.
January 04, 2022 at 01:08 PM
8 minute read
Commentary
On Monday, Jan. 3, Elizabeth Holmes was found guilty of defrauding investors. The jury came back with convictions of substantive fraud (18 U.S.C. § 1343, Counts 6, 7, and 8) and conspiracy (18 U.S.C. § 1349, Count 1) while acquitting her of the fraud counts centered on defrauding individual patients (Counts 2, 10, 11). They couldn't agree on several counts involving specific wire transfers (Counts 3, 4, 5), amounting to several million dollars alleged by the government to have been part of the fraud scheme, but acquitted her of another wire alleged to have been sent as part of the scheme to defraud patients (Count 12).
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