Elizabeth Holmes trial verdict live – What next for Ex-Theranos CEO found GUILTY of duping investors in fraud case


ELIZABETH Holmes was found guilty of defrauding Theranos investors on Monday, January 3, 2022.

The ex-CEO was found guilty on four counts and not guilty on four counts, while the jury remained deadlocked on three more charges. A further count was canceled.

The 37-year-old was found guilty of conspiracy to defraud investors; wire fraud of Brian Grossman worth $38million; wire fraud of the DeVos family worth $100million; wire fraud of former Cravath attorney Dan Mosley worth $6million; and wire fraud of the of $99million from Lakeshore Capital Management LP.

However, she was found not guilty of one count of conspiracy to commit wire fraud against Theranos paying patients, and three counts of wire fraud against Theranos paying patients.

Holmes was not taken into custody on Monday and now awaits a sentencing date, which will be set at a hearing next week on the three deadlocked charges.

The former businesswoman can appeal the conviction, her sentence, or both, according to The New York Times. And the U.S. Probation Office will interview her.

Holmes — who was previously charged with fraud by taking more than $700million from investors while advertising a false product — faces up to 20 years in federal prison, in addition to a $250,000 fine and restitution for each wire fraud and conspiracy count.

Read our Elizabeth Holmes live blog for the very latest news and updates…

  • Who is Sunny Balwani?

    Ramesh “Sunny” Balwani is the former boyfriend of Elizabeth Holmes and the former chief of the blood-testing startup Theranos, Inc.

    The 56-year-old American businessman is charged alongside Holmes with fraud and conspiracy for allegedly tricking investors and doctors to help fund the company, and providing false medical results to patients.

    Balwani was born in 1965 in Pakistan to a Sindhi Hindu family who emigrated to the United States.

    He studied information systems at the University of Texas at Austin.

  • Deadlocked on three charges

    The jury could not agree on on a verdict for three of the 11 charges against Holmes.

    The three counts were:

    • Wire fraud against Theranos investors: wire transfer of $99,990 from Alan Jay Eisenman
    • Wire fraud against Theranos investors: wire transfer of $5,349,900 from Black Diamond Ventures
    • Wire fraud against Theranos investors: wire transfer of $4,875,000 from Hall Phoenix Inwood Ltd.
  • How long has Elizabeth Holmes been married?

    Sources told Vanity Fair that Elizabeth Holmes and Billy Evans had a secret wedding in 2019.

    News of the secret wedding came months after Bilton reported Holmes, 35, was engaged and living in San Francisco.

    It was later revealed that Holmes’ fiancé was Evans. The couple met at a party in 2017, according to Elle, and were spotted attending Burning Man together in August 2018, days before Theranos shut down fully.

    Holmes wears Evans’ signet ring from his alma mater MIT on a chain around her neck, according to the New York Post.

  • Who is Elizabeth Holmes’ husband?

    William “Billy” Evans, reportedly grew up near San Diego, California. He’s one of three children born to his parents, Susan and William L. Evans.

    Evans attended the Massachusetts Institute of Technology, where he graduated in 2015 with a bachelor’s degree in economics.

    During summers between school, Evans worked at various financial and consulting companies in California, according to his LinkedIn. He was also a student brand manager at Red Bull while at MIT.

    The Evans family has lived in the San Diego area for generations. Billy Evans’ grandparents, Anne and William D. Evans, founded a hotel management group in 1953 called Evans Hotels.

    The group manages three properties in the San Diego area.

  • Did Elizabeth Holmes fake her voice, continued

    An ex-employee claimed she would occasionally slip into a higher-pitched voice at vocal events.

    And Dr Phyllis Gardner, a professor from Stanford University where Holmes studied, told ABC Radio’s podcast The Dropout: “When she came to me she didn’t have a low voice.”

    But Holmes’ family claim her deep voice is natural and “not fake.”

  • Did Elizabeth Holmes fake her voice?

    Elizabeth Holmes’ voice has been called into question, with former acquaintances suggesting its noticeable deep tone is not real.

    One said out of the public eye it “lapsed into a more natural-sounding young woman’s voice”.

    It has been alleged she faked her tone to impress male business associates.

  • Who is Elizabeth Holmes?

    Holmes is an American ex-businesswoman convicted of defrauding investors of Theranos, a blood-testing company she founded.

    She was born in 1984 in Washington, D.C. but grew up in Houston, Texas. 

    Later she attended Stanford University where she studied chemical engineering. 

    Holmes had founded the blood-testing company in 2003 at the age of just 19.

    She pitched its technology as a cheaper way to run dozens of blood tests with just a prick of a finger and a few droplets of blood.

    In 2014, she was dubbed the world’s youngest self-made female billionaire, boasting an estimated net worth of $4.5billion.

    In 2016, after accusations of fraud came to light, Forbes revised its estimate of Holmes’s net worth to zero.

  • Epic downfall

    Holmes’ downfall has been dissected in documentaries, books, podcasts and soon will be rehashed in a Hulu TV series called “The Dropout” starring Amanda Seyfried in the lead role.

  • ‘Fake it til you make it’

    The trial provided a detailed look inside one of the go-to- moves of Silicon Valley entrepreneurs — conveying a boundless optimism regardless of whether its warranted or not, known as “fake it ’til you make it.”

    That ethos helped hatch groundbreaking companies such as Google, Netflix, Facebook, and Apple — the latter, of course, co-founded by one of Holmes’ heroes, Steve Jobs.

  • Holmes took the stand

    In seven days on the witness stand, Holmes 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.

  • Trial lasted three months

    The jury decision followed a three-month trial featuring dozens of witnesses — including Holmes herself — and numerous exhibits. She now faces up to 20 years in prison for each guilty count, although legal experts say she is unlikely to receive anything close to the maximum sentence.

  • Holmes seen exiting courtroom

    Holmes is seen with husband Billy Evans.

    She had bowed her head several times before the jury was polled by U.S. District Judge Edward Davila, remained seated and expressed no visible emotion as the verdicts were read.

    Credit: AP
  • ‘ A loss for Holmes’

    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 been following the Holmes case closely.

  • Guilty of fraud

    A jury found fallen Silicon Valley star Elizabeth Holmes guilty of fraud for turning her blood-testing startup Theranos into a sophisticated sham — one that duped billionaires and other unwitting investors into backing a seemingly revolutionary company whose medical technology never worked as Holmes promised.

  • How long did the jury deliberate?

    The 37-year-old Holmes was found guilty on 2 counts of wire fraud and 2 counts of conspiracy to commit fraud on Monday after 7 days of deliberation. 

  • Holmes seen leaving court

    NBC News’ Scott Budman shared a video of convicted Elizabeth Holmes exiting the court room on Monday.

    “Judge Davila to the jurors: ‘It’s my job to thank you.

    ‘”You fulfilled your obligation as jurors. I’m grateful,”‘ Budman reported.

  • NOT guilty of four counts

    The jury found Holmes not guilty of one count of conspiracy to commit wire fraud against Theranos paying patients, and three counts of wire fraud against Theranos paying patients

  • Holmes’ husband ‘shaken’

    After the judge left the courtroom to meet with jurors individually, Holmes got up to hug Billy Evans and her parents before leaving with her lawyers. Evans later emerged in the hallway outside the courtroom, looking visibly shaken and emotional.

  • Mistrial on three counts

    The judge in Elizabeth Holmes’ trial has declared a mistrial on the three counts the jury could not reach a unanimous verdict on.

  • Homes showed no emotion

    The former entrepreneur, who had bowed her head several times before the jury was polled by the judge, remained seated and expressed no visible emotion as the verdicts were read. Her partner, Billy Evans, showed agitation in earlier moments but appeared calm during the verdict reading.

  • Toxic workplace claims

    According to about 100 employee reviews, the work environment at Theranos was allegedly toxic.

    The company has also been described as a revolving door when it came to hiring and firing employees.

    Former employee, Justin Maxwell, said on the first episode of ‘The Dropout’ podcast:

    “Elizabeth did do a great job of recruiting amazing people. I would watch those people that I trusted disappear,” said Maxwell.

    “Our office was right next to the general counsel and the head of business development, both of whom were people I had tremendous admiration for. They were extremely sharp and knew the industry very well and they just vanished.”

  • What is Theranos? continued

    Theranos – a notoriously secretive company – shared very little about its blood-testing machine with the public or medical community.

    But that did not put off investors.

    In fact, they bought what Holmes was selling and put hundreds of millions of dollars into the company.

    At one time, Theranos was worth more than $10 billion and Holmes the nation’s youngest self-made female billionaire.

    Former Secretaries of State Henry Kissinger and George Shultz were on its board.

  • What is Theranos?

    Elizabeth Holmes had founded the blood-testing company in 2003 at the age of just 19, pitching its technology as a cheaper way to run dozens of blood tests with just a prick of a finger and a few droplets of blood.

    Holmes said she was inspired to start the company in response to her fear of needles.

    Seen as a rising star in Silicon Valley, that led to comparisons to Apple’s Steve Job and Holmes fueled that idea by dressing almost entirely in black turtleneck sweaters.

  • Homes faces 20 years in prison

    The Theranos founder now faces up to 20 years in prison and a $250,000 fine, plus restitution for each count, after being found guilty of defrauding Theranos investors.

    She was found guilty of four out of 11 federal charges.

  • Holmes’ family’s reaction

    A court sketch shows Holmes’ father kissing on the forehead after she was found guilty of defrauding Theranos investors on Monday.

    At one time, Theranos was worth more than $10 billion and Holmes the nation’s youngest self-made female billionaire.





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