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Theranos founder Elizabeth Holmes found guilty on 4 fraud counts

Theranos founder Elizabeth Holmes found guilty on 4 fraud counts
Jurors in the trial of former Theranos CEO Elizabeth Holmes were told by the judge Monday to resume deliberations after notifying him they were deadlocked on three counts. File Photo by John Angelillo/UPI | License Photo

Jan. 3 (UPI) -- A California jury found entrepreneur Elizabeth Holmes guilty on four of 11 counts of fraud Monday in connection with the failure of her blood-testing startup Theranos in 2018.

The panel of 12 jurors found Holmes guilty on three counts of wire fraud and one count of conspiracy to commit wire fraud in a San Jose, Calif., federal courtroom, The (San Jose) Mercury News and CNN reported.

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She was acquitted on four other counts while a mistrial was declared on three additional counts of wire fraud.

The verdict came after more than seven days of jury deliberations and a four-month trial in which prosecutors presented reams of evidence against the charismatic 37-year-old Silicon Valley businesswoman.

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Prosecutors said Holmes made false and misleading statements to investors about developing a device that could run a full range of blood tests with only a finger-prick sample.

The closely-watched trial, however, also featured a strong defense effort in which Holmes' attorneys claimed she never had any intention of defrauding investors in the high-profile startup.

Theranos dissolved in September 2018, shortly after Holmes was indicted along with former Theranos President and Chief Operating Officer Ramesh "Sunny" Balwani, who faces the same charges.

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The jury delivered its decision hours after they had informed Judge Edward Davila they were unable to reach a unanimous verdict on three of the counts.

After receiving their note, Davila reiterated his original jury instructions and ordered them back into deliberations.

Following a request by prosecutors, Davila on Monday read standardized deadlocked-jury instructions to jurors while also noting that they pertained only to the charges upon which they can't agree, according to the Mercury News.

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"What I have just said is not meant to rush you or pressure you into agreeing on a verdict," he said. "Take as much time as you need to discuss things. There is no hurry."

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