![]() ![]() She claimed Theranos had developed an analyzer, variously referred to as, among other things, the Theranos Sample Processing Unit (TSPU), Edison, or minilab. Holmes used a combination of direct communications, marketing materials, statements to the media, financial statements, models, and other information to induce investments. Theranos was a blood testing company based in Palo Alto and Newark, Calif. Holmes, 37, of Woodside, Calif., founded Theranos in 2003. FDA and the FBI by seeing this case through to a verdict.” “We are proud of the dedication shown by Postal Inspectors and our partners at the U.S. Postal Inspection Service is committed to protecting consumers and investors from fraud,” said USPIS Inspector in Charge Nuñez. “FDA-OCI is proud to have partnered with the United States Attorney’s Office and its law enforcement counterparts to bring this prosecution.” “The FDA’s Office of Criminal Investigations (OCI) will continue to investigate and help bring to justice individuals and companies responsible for putting the public health at risk,” said FDA Assistant Commissioner for Criminal Investigations Catherine A. “I want to thank the FBI San Francisco agents and analysts who spent years investigating allegations of fraud within Theranos to uncover the truth and ensure justice in this case.” A jury has determined, beyond a reasonable doubt, that she intentionally misled investors,” said Special Agent in Charge Craig Fair. “Elizabeth Holmes chose fraud over business failure. The guilty verdicts in this case reflect Elizabeth Holmes’ culpability in this large-scale investor fraud and she must now face sentencing for her crimes.” “I thank the jurors for their thoughtful and determined service that ensured verdicts could be reached. “The jurors in this 15-week trial navigated a complex case amid a pandemic and scheduling obstacles,” said U.S. ![]() The verdicts follow a 15-week trial before the Honorable Edward J. Postal Inspection Service (USPIS) Inspector in Charge Rafael Nuñez. Fair Food and Drug Administration (FDA) Acting Commissioner Janet Woodcock and U.S. Hinds Federal Bureau of Investigation (FBI) Special Agent in Charge Craig D. Holmes guilty of one count of conspiracy and three counts of wire fraud in connection with a multi-million-dollar scheme to defraud investors in Theranos, Inc., announced United States Attorney Stephanie M. ![]() Holmes claimed that the company had developed a technology that could scan for more than 200 potential health problems with a few drops of blood taken with a finger prick.SAN JOSE - A jury found Elizabeth A. Holmes' bold claims for Theranos helped make her a Silicon Valley star - a rich one, too, with a paper fortune of $4.5 billion based on the company's success in fundraising and brokering business deals based on her promise that the company would revolutionize health care. "The defendant and Holmes knew the rosy falsehoods that they were telling investors were contrary to the reality within Theranos." Balwani were partners in virtually everything," Prosecutor Robert Leach said in the early stages of the trial. At one point, they charged, Balwani, who has no medical degree, oversaw the Theranos lab that covered up serious flaws in a the company's blood-testing technology that could have jeopardized the lives of patients. Prosecutors have portrayed Balwani as a ruthless accomplice who helped Holmes swindle investors.
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