Elizabeth Holmes: The rise and fall of Theranos founder | Crime News

American jury found Elizabeth Holmes, founder of Theranos Convicted of conspiracy to defraud investors in a blood testing startup company, she was convicted of 4 of 11 counts.

Holmes, 37, was accused of defrauding investors and patients, claiming that she claimed to have revolutionized laboratory testing with a machine that used a drop of blood. She pleaded not guilty.

This is the timeline of the key events leading up to Monday’s judgment.

Year 2003

Holmes was only 19 years old, dropped out of Stanford University and founded Real-Time Cures, which will eventually become Theranos. She dreams of revolutionizing diagnostic testing.

year 2004

The new company has raised more than 6 million U.S. dollars in capital and is valued at 30 million U.S. dollars.

Year 2009

Ramesh “Sunny” Balwani, Holmes’s partner at the time, joined Theranos as chief operating officer.

year 2010

Theranos raised another US$45 million in funding, with a valuation of US$1 billion.

Elizabeth Holmes tried to guide Steve Jobs with her work uniform, attracting big-name supporters and being welcomed by investors, but some people have begun to question her company’s so-called revolutionary blood test [File: David Paul Morris/Bloomberg]

year 2011

Theranos began to attract high-profile board members, including two former U.S. Secretary of State George Schultz and Henry Kissinger.


The company moved to the former Facebook headquarters in Palo Alto, California.

year 2013

Theranos began to promote its technology, claiming to be able to perform extensive testing on a drop of blood using a machine called Edison, and forming a partnership with the pharmacy group Walgreens Boots Alliance.

Year 2014

Theranos has raised more than US$400 million and is valued at more than US$9 billion. Forbes named Holmes a billionaire-this reflects her share in the company.

February 2015

An article in the Journal of the American Medical Association criticized Theranos for failing to publish any research in a peer-reviewed journal.

July 2015

Theranos is approved by the U.S. Food and Drug Administration for the detection of herpes simplex virus 1 virus.

Elizabeth Holmes and Christian Holmes of Theranos arrived at the state banquet for Japanese Prime Minister Shinzo Abe in April 2015. A few months ago, the Wall Street Journal published a blockbuster report on her company’s business. [File: Andrew Harnik/AP Photo]

October 2015

The Wall Street Journal reported that Theranos only used its technology in a few tests, and employees doubted its accuracy.

The FDA subsequently released the results of an investigation stating that the company used unapproved equipment for testing.

January 2016

The Centers for Medicare and Medicaid Services (CMS) issued a report stating that one of the company’s facilities “endangers the health and safety of patients.”

The agency stated that inspections revealed that the facility did not meet its own quality control standards, including incorrectly calibrated equipment.

June 2016

Walgreens terminated its relationship with Theranos.

October 2016

Partner Fund Management, which invested nearly US$100 million in Theranos, sued the company for securities fraud, claiming that the company lied about its technology to secure investment. The case was later closed.

April 2017

Theranos reached an agreement with CMS to prohibit it from engaging in blood testing business for two years.

Ramesh Balwani (left), the former COO of Theranos, also faces fraud charges.He and Holmes used to be a pair [File: Justin Sullivan/Getty Images via AFP]

March 2018

The US Securities and Exchange Commission charged Theranos, Holmes and Balwani with securities fraud. Holmes was deprived of shares and control of the company.

June 2018

Holmes and Balwani were charged with criminal fraud. Neither pleaded guilty.

September 2018

Theranos announced that it would disband.

March 2021

Holmes revealed that she was pregnant.

August 2021

Holmes gave birth to her child. According to a court document, Holmes planned to argue that she was under Balwani’s control when she was charged with the crime, and she said Balwani was a sadist. Balwani denied these allegations in court documents.

September 2021

The trial begins In San Jose, California.

November 2021

Holmes stood up to testify for his defense. She denied trying to mislead investors and patients. She said that Balwani was responsible for the financial models provided to investors and that he abused his power in their relationship.

Elizabeth Holmes, the founder of Theranos, listened during the court verdict.The jury found her guilty of 4 of 11 counts of fraud [Vicki Behringer/Reuters]

December 2021

Jurors hear Closing Statement From both sides.

January 3, 2022

Holmes was convicted of defrauding three other investors and conspiring to do so. She was acquitted of three cases of fraudulent patients paying Theranos testing fees and a related charge of conspiracy.

The jury was unable to make a decision on the three allegations related to individual investors. The verdict date was not confirmed immediately. U.S. District Judge Edward Davila sentenced her to up to 80 years in prison, but she may receive a lighter sentence.

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