Elizabeth Holmes, founder of Theranos, rejected a new trial

Theranos founder Elizabeth Holmes is likely to be sentenced later this month after a judge denied her a new trial.

Holmes, 38, was convicted in January on three counts of fraud and one count of conspiracy to commit fraud related to the blood testing company, which no longer exists but was worth $9 billion at the time.

The verdict is scheduled for mid-November. While each charge carries a potential maximum sentence of 20 years, experts say they would likely be served concurrently rather than sequentially.

According to The New York Times, this is the third attempt at a new trial, with each request citing new evidence. “But in an order Monday, Judge Edward J. Davila of the U.S. District Court for the Northern District of California denied the motions, saying they had failed the bar for a new trial,” the article reads.

The judge found that she had shown no government wrongdoing during her trial, NBC News reported.

The company’s former chief operating officer, Ramesh Balwani, has been separately convicted on 12 counts of fraud and conspiracy and is scheduled to be sentenced on December 7.

The two convictions “solidified the failed blood-testing start-up as Silicon Valley’s ultimate cautionary tale,” New York Times reporter Erin Griffith reported in July at the time of Balwani’s sentencing.

“Holmes was convicted of four counts of fraud and acquitted of four counts of fraud. Three other charges were dismissed after the jury failed to reach a consensus. She has appealed the verdict and Mr Balwani is expected to do the same,” reads the article.

tech scam

Holmes “spent years touting Theranos as a revolutionary way for patients to use a blood test to learn about health conditions, only for the company to expose it as an elaborate scam,” according to NBC News.

Holmes had claimed that a few drops of blood would inform people if they had hundreds of diseases and other potentially worrying issues using Theranos’ technology. The technology didn’t produce what was claimed, but Holmes continued to make claims to raise money – which led to the convictions.

The Associated Press reported after her sentencing that “the lofty dream Holmes pursued when she founded Theranos in 2003 at the age of 19 had turned into a nightmare when she was indicted on criminal charges in 2018.”

The article said she went from obscurity to “Silicon Valley sensation” whose “downfall has been featured in documentaries, books, podcasts” and “a Hulu TV series called ‘The Dropout,’ starring Amanda Seyfried.” was dissected”.

The promise of Theranos technology was less painful and cheaper blood tests that would be available at convenient places like local shops.

“What most people didn’t know at the time was that Theranos blood testing technology kept giving misleading results. That forced patients to undergo regular blood draws instead of the promised fingersticks, prompting Theranos to covertly test those samples using conventional machines in a traditional laboratory setting. Evidence presented during the trial also showed that Holmes lied about alleged deals Theranos made with big pharmaceutical companies like Pfizer and the US military,” the AP reported.

The Wall Street Journal exposed the deception in a series of articles in 2015 that led to a regulatory scrutiny, the company’s demise, and later criminal charges.


Leave a Reply

Your email address will not be published. Required fields are marked *