Former Theranos CEO Holmes Convicted of Fraud and Conspiracy

Holmes has been the CEO of this company for 15 years. But now, she is facing charges that could serve her 20 years of jail time.

The verdict came as a shocker for many Silicon Valley companies. They often used to excite their company, technology, or product to gain more business. Many giants have successfully practiced that culture. Experts also anticipate that this verdict could halt them from branding their products by giving false information.

History of Theranos:

The company initially developed a technology called ‘Nanotainer’, and ‘Edison’ claimed it needed only a few drops of blood to diagnose many diseases. However, more often, its technology failed to give accurate results. Moreover, the company was allegedly using conventional machines for the work. As a result, it cheated many investors and patients who trusted the company.

The company also claimed that it had a collaboration with other medical companies like Pfizer and the U.S. military. The then-Vice President Joe Biden was invited to the company facility to boast its name. Nonetheless, later it was found out that she had set up a fake lab to show the Vice President. Now, some media blames President Joe Biden for helping the fraudster when he was the Vice President.

The jury that convicted Holmes was constituted of eight men and four women. Holmes reportedly stayed calm and composed and didn’t show any visible emotions during the delivery of the verdict. She often tried to convince the court that Theranos would correct the flaws it made in the past.

Though Holmes will face 20 years of jail time, legal experts opined that she is unlikely to get the maximum sentence. However, it has already become a high-profile case in the U.S. and worldwide.