In a big blow to Theranos founder Elizabeth Holmes, judge declines to overturn guilty verdict

Elizabeth Holmes' attorneys were not successful in their last-ditch effort to get her fraud conviction overturned, which means she will now likely serve jail time.

Jurors concluded in January that Holmes, 38, who was once hailed as a Silicon Valley superstar, intentionally defrauded investors of millions of dollars by asserting her claim onto her new health technology, the Edison test, could diagnose a wide range of health and medical conditions with only a single drop of blood. On counts of conspiracy to commit wire fraud and conspiracy to deceive investors, she was found to be guilty in federal court.

The guilty conviction was upheld in a preliminary decision Thursday by U.S. District Judge Edward Davila. On October 17, when he is supposed to punish Holmes for her crimes, he will make his final judgment public. The former technological marvel could receive up to 20 years in prison, a $250,000 fine, and reparations.


During the 90-minute session, one of her attorneys, Amy Saharia, was unable to persuade Davila that the jury rendered an illogical result. She also argued that the standard for demonstrating Holmes had a criminal desire to commit fraud had not been met by the prosecution.


The judge replied that the committee of eight men and four women reached their choice based on reasonable deductions from the facts provided at trial, but he would further investigate Saharia's concerns.

Ramesh 'Sunny' Balwani, the chief operating officer of Theranos and Holmes' and also former boyfriend, too was found guilty of his part in the company's fraud. In July, he was found guilty of 12 charges of wire fraud as well as scamming clients and investors.