Elizabeth Holmes trial: Silicon Valley watches next steps in high-profile case

Theranos founder Elizabeth Holmes was found guilty on Monday of fraud, concluding a high-profile trial that captivated Silicon Valley and chronicled the missteps of the now-defunct blood testing startup.

After seven days of deliberation, the jury in San Jose, California, convicted Holmes on four charges: one count of conspiracy to defraud investors, and three counts of wire fraud against investors. It acquitted her on three charges, including one conspiracy to defraud patients and two charges related to patients who received inaccurate test results. It remained deadlocked on three remaining charges.

A hearing has been set for next week during which the prosecutors will reveal whether they plan to retry Holmes on the three charges the jury could not come to an agreement on. Experts say such a retrial is not very likely, as the existing convictions already carry considerable sentencing time.

With no prior convictions, Holmes is unlikely to face the maximum prison time her charges carry, which is 20 years, said Neama Rahmani, a former federal prosecutor and president of West Coast Trial Lawyers.

Once a charismatic figure, Holmes was initially hailed as a visionary. Her story represented just how far the cult of personality in Silicon Valley can take someone.

The verdict may embolden prosecutors at large to more aggressively pursue cases of white collar crime and fraud, said Rahmani. In turn, startups may now tread more carefully when making big promises, he added.

The Associated Press contributed reporting