Elizabeth Holmes convicted: Theranos scandal

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Former Theranos Boss, Elizabeth Holmes

stands the chance of being sentenced between 20 to 80 years in jail after being convicted of 4 counts of fraud regarding the company she founded after dropping out of Stanford University.

The 38-year-old’s company was worth over 9 billion dollars and she was considered one of the best tech geniuses with the likes of Steve Jobs, and Mark Zuckerberg amongst others: The difference, was their products worked, hers didn’t.

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Despite this, she managed to pool an impressive number of investors who were no strangers to the public and owned a number of businesses themselves.

She employed Sunny Balwani to be her CEO. He also served as her accomplice and successfully deceived people about the authenticity of the products and services their company was providing.

Their scam began falling apart after negative reviews published about the company began to attract media attention with a surprising popular opinion of the company eventually being a scam. Whistleblowers from the company came out to support these claims.

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Theranos was dissolved in 2018. The dissolution was followed by several lawsuits from investors and consumers who accused both Elizabeth Holmes and Sunny Balwani of Fraud and deception.

Her convictions remain to be appealed before sentencing.

Elizabeth Holmes

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