Former Theranos CEO Holmes guilty of fraud and conspiracy

A file photo of Holmes leaving federal court in San Jose, California, on Dec 23, 2021. A jury convicted the 37-year-old on two counts of wire fraud and two counts of conspiracy to commit fraud after seven days of deliberation. — AP

SAN JOSE, California: Fallen Silicon Valley star Elizabeth Holmes was convicted of fraud Monday for turning her blood-testing startup Theranos into a sophisticated sham that duped billionaires and other unwitting investors into backing a seemingly revolutionary company whose medical technology never worked as promised.

A jury convicted the 37-year-old on two counts of wire fraud and two counts of conspiracy to commit fraud after seven days of deliberation. The verdict followed a three-month trial featuring dozens of witnesses – including Holmes herself. She now faces up to 20 years in prison for each count, although legal experts say she is unlikely to receive anything close to the maximum sentence.