Elizabeth Holmes, the former CEO and founder of failed blood testing startup Theranos, was found guilty of four of 11 fraud charges Jan. 3, according to The Wall Street Journal.
After a 15-week federal trial in San Jose, Calif., Ms. Holmes was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud. She was convicted on three counts related to the largest investments in Theranos, including those made by hedge fund PFM Health Sciences and a family office of the former Education Secretary Betsy DeVos.
Ms. Holmes, who founded Theranos when she was 19, raised $945 million for the biotech startup, and those investments were wiped out, according to The Wall Street Journal.
Ms. Holmes, 37, was acquitted on four counts related to defrauding patients, and the jury was unable to reach a verdict on three counts related to investors, according to The Wall Street Journal. Although lawyers can pursue a new trial on the undecided counts, legal experts told The Wall Street Journal that is unlikely to happen.
Ms. Holmes faces up to 20 years in prison for each count for which she was found guilty. A sentencing date is expected to be set next week, according to The New York Times. Ms. Holmes can appeal the sentence, her conviction or both.