Theranos founder Elizabeth Holmes has been guilty of defrauding investors after a months-long trial in California
Holmes was convicted on one count of conspiracy to commit fraud and three counts of wire fraud on Monday, with a jury unanimously finding her guilty of illegally defrauding investors out of millions of dollars through her startup blood diagnostics company Theranos.
The jury also found Holmes not guilty on four counts of defrauding patients and deadlocked on another three counts of wire fraud.
Theranos, once valued at over $9 billion, claimed in 2013 to have a developed a new small automated device that could conduct and analyse blood tests at much a faster rate then what was capable at the time.
It was later discovered by a group of medical researchers that the claims made by Holmes and her company where false and that no such “automated” device existed.
Holmes now faces up to 20 years in prison for each guilty verdict. Her legal team is currently expected to appeal the decision.