Holmes remained seated and expressed no visible emotion as the verdicts were read. “They will always go in for the golden ring.” “Investors are still going to want to make more money on a promising idea.,” Kreitzberg said. But she also believes greed will keep hyperbole alive in Silicon Valley. The trial’s outcome “will send a message to CEOs that there are consequences in overstepping the bounds,” predicted Ellen Kreitzberg, a Santa Clara University law professor who attended the trial. Her conviction might lower the wattage - at least temporarily - on the brash promises and bold exaggerations that have become a routine part of the tech industry’s innovation hustle.
#THERANOS FOUNDER ELIZABETH HOLMES TRIAL#
The trial also laid bare the pitfalls of a swaggering strategy used by many Silicon Valley entrepreneurs - conveying a boundless optimism regardless of whether it’s warranted, known as “fake it ‘til you make it.” That ethos helped hatch groundbreaking companies such as Google, Netflix, Facebook, and Apple - the latter co-founded by one of Holmes’ heroes, Steve Jobs. In seven days on the witness stand, she cast herself as a visionary trailblazer in male-dominated Silicon Valley who was emotionally and sexually abused by her former lover and business partner, Sunny Balwani. The split verdicts are “a mixed bag for the prosecution, but it’s a loss for Elizabeth Holmes because she is going away to prison for at least a few years,” said David Ring, a lawyer who has followed the case closely.įederal prosecutors depicted Holmes as a charlatan obsessed with fame and fortune. The jury deadlocked on three remaining charges, which a federal judge anticipates dismissing as part of a mistrial ruling that could come as early as next week. She now faces up to 20 years in prison for each count, although legal experts say she is unlikely to receive the maximum sentence. The verdict came after the eight men and four women on the jury spent three months sitting through a complex trial that featured reams of evidence and 32 witnesses - including Holmes herself. The 37-year-old was acquitted on four other counts of fraud and conspiracy that alleged she deceived patients who paid for Theranos blood tests, too. A jury convicted Holmes, who was CEO throughout the company’s turbulent 15-year history, on three counts of wire fraud and one counts of conspiracy to commit fraud after seven days of deliberation.
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