- In the following months, flaws in technology were discovered, leading to an extensive trial that lasted for months. Holmes had been found to be guilty of three charges of wire fraud as well as one charge of conspiracy.
- Today, Holmes’ sentencing hearing is being postponed.
- Visit Business Insider’s website for additional stories.
In 2014, the blood-testing company Theranos as well as its co-founder, Elizabeth Holmes were at the top of the list.
At the time, Theranos was an innovative idea that was conceived by a woman who was hailed as a genius who dressed as the female version of Steve Jobs. Holmes was the youngest self-made female billionaire. Theranos was among Silicon Valley’s top unicorn companies that was valued at around $9 billion.
And then, everything came to a halt.
The weaknesses and inaccuracies in Theranos’s technology were revealed, as was the role Holmes had in covering up all of it. Holmes was fired as the company’s CEO and was charged for “massive fraud,” and The company was forced to shut down its testing labs and laboratories and eventually shut down its operations completely.
While she waited for her an appearance in court, Holmes reportedly found the right time to tie the knot -and then married to the heir of a hotel Billy Evans.
Holmes has been found guilty of fraud by a federal judge. In January jurors were able to find Holmes guilty of three wire-fraud charges as well as an additional count for conspiracy to commit fraud. They were not able to convict her of four other charges and did not find a majority verdict on the three remaining charges that were brought against her.
The verdict was handed down on Thursday. Holmes’s former lover and business associate Ramesh “Sunny” Balwani, was also also found guilty of fraud. Balwani was found to be guilty of the 12 charges of fraud related to Holmes.
Since Holmes’ verdict, Holmes has become the focus of the Hulu restricted show “The Dropout,” based on the ABC News podcast of the identical name. The show is starring Amanda Seyfried as Holmes as it follows the meteoric rise and decline of Theranos as well as Holmes her.
Holmes requested the presidency judge to set aside her conviction. In a court filing on May 27th, Holmes’ attorneys argued that the evidence presented was “insufficient to justify the convictions. “
A judge is set to set a deadline for hearing Holmes’s appeal on July.
Then, Holmes’ sentencing hearing has been postponed. On Monday, the hearing was changed from the originally scheduled date of September 26 to October 17 however, no explanation was given as to why the move was made.
Here’s the story of how Holmes transformed from precocious youngster who was awe-inspiring Stanford dropout, and then an infuriated startup founder who was found guilty of fraud:
