Elizabeth Holmes, the former Theranos CEO found guilty of four felony counts of fraud and conspiracy, is one step closer to serving prison time for her crimes.
On Thursday, a federal judge declined to overturn her jury conviction, the Associated Press reports, after one of Holmes’ lawyers, Amy Saharia, argued that the jury had acted irrationally during seven days of deliberations.
U.S. District Judge Edward Davila ruled that the jurors drew reasonable inferences from evidence presented at the trial, and is set to sentence Holmes on October 17 in the same San Jose courtroom where she was found guilty on two counts of wire fraud and two counts of conspiracy to commit fraud in January.
Davila did, however, state that he would still review some information Saharia presented in the argument before making a final decision.
The 38-year-old former CEO of the now-infamous healthcare startup which claimed it could diagnose pretty much anything with a drop of blood, and whose saga deceit was chronicled in Hulu’s drama The Dropout as well as the HBO documentary The Inventor: Out for Blood in Silicon Valley, faces up to 20 years in prison and a $250,000 fine, plus restitution, for defrauding investors and the public.
Before the Theranos blood-testing technology she framed as a revolution in healthcare was found to be dangerously inaccurate, Holmes was propped up as an entrepreneurial star. In 2015, Forbes declared the Stanford dropout to be the youngest and wealthiest self-made female billionaire in America on the basis of a $4.5 billion net worth and $9 billion valuation of her company, which crashed in 2018, when she was indicted with co-conspirator Ramesh “Sunny” Balwani.
Balwani, who served as Theranos’ chief operating officer and was Holmes’ secret lover, was found guilty in July of all 12 felony counts he faced for defrauding investors and patients.
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