Elizabeth Holmes was found guilty of 4 of the 11 charges of fraud in the Theranos scandal.
Do you have the impression that the Greeks are cunning and inventive like the ingenious Odysseus? Obviously you have not heard of the scandal Theranos. Theranos was a privately held American company founded in 2003 by 19year then (!!) Elizabeth Holmes. It managed to fraudulently raise $ 700 million and culminate in raising its stake to $ 10 billion.
Holmes claimed to have made a breakthrough in health technology by inventing blood tests that required a few drops of blood as a sample and could be performed very quickly with small automated devices developed by the company.
Thus she became the youngest and richest self-made billionaire woman for a technology and device that no one had seen before until now. The mockery lasted 12 whole years, until in 2015, medical research professors John Ioannidis and Eleftherios Diamantis, along with investigative journalist John Carreyrou of the Wall Street Journal, questioned the validity of Theranos technology.
So the company lost its solvency and faced a series of lawsuits from investors and medical circles in America. The company collapsed and things went to court for infidelity and fraud.
Theranos has been out of business since 2018, but Holmes 'criminal trial only began this fall after delays due to the pandemic and the birth of Holmes' child. Within 11 weeks, the prosecution questioned key witnesses such as former Secretary of Defense James Mattis, whistleblower Erica Cheng, Theranos patients, investors, health professionals and journalists.
Holmes argued in the lawsuit that her failure as a startup founder did not mean she had committed fraud. She even said that the COO of Theranos, Ramesh "Sunny" Balwani abused her. Holmes was found guilty of defrauding investors and acquitted of patient fraud charges. A date has not yet been set for Holmes's sentencing.
