I worked for a small biotech firm in the 1980's that was also engaged in trying to develop some sort of rapid testing, albeit not on the scale that Holmes seemed to be promising. I was in a different department, and not privvy to the details. I left that company in the early 90's, heard that the testing project had fizzled, and the company basically went under a few years later. I cannot say I was surprised when it all fizzled out, as I didn't have a high regard for some of the personnel involved. I had heard there was a well known celebrity who was one of the backers, who actually toured the lab. No, not gonna give out that name.Elizabeth Holmes, the founder of the failed blood testing start-up Theranos, now awaits sentencing after being found guilty of four of 11 charges of fraud on Monday.
Ms. Holmes, 37, left the San Jose, Calif., courtroom through a side door after the verdict was read in the case, which was closely scrutinized as a commentary on Silicon Valley. She was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud. She was found not guilty on four other counts. The jury was unable to reach a verdict on three counts, which were set aside for later.
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Ms. Holmes can appeal the conviction, her sentence or both. She will also be interviewed by the U.S. Probation Office as it prepares a pre-sentence report. A conference will be held next week on the three counts in which the jury could not reach a verdict.
Each count of wire fraud carries up to 20 years in prison, though Ms. Holmes is unlikely to receive the maximum sentence because she has no prior convictions, said Neama Rahmani, the president of the West Coast Trial Lawyers and a former federal prosecutor. But he said her sentence was likely to be on the higher end because of the amount of the money involved. Ms. Holmes raised $945 million for Theranos during the start-up’s lifetime and those investments were ultimately wiped out.
Holmes has always struck me as a bit of a charlatan, with her intoning of vague equipment and processes designed, I suppose, to revolutionize the biomedical testing world. I hope, however, that this case doesn't deter others from trying to find new and more efficient means of diagnosing and treating various human ailments.