The ex-Theranos employee who blew the whistle on fraud at the blood-testing company where his grandfather — former Secretary of State George Shultz — was a board member says he popped a bottle of Champagne when he heard of Elizabeth Holmes’ conviction.
Tyler Shultz said he felt vindicated after a jury hearing the federal case against Holmes in San Jose deliberated for three days and returned guilty verdicts on four counts of fraud on Monday.
“All of a sudden, it was just a weight was lifted,” Shultz told National Public Radio when asked about his reaction to the guilty verdicts. “It’s over. I can’t believe it’s over.”
He said he then decided it was time to uncork some bubbly with loved ones.
“My family said, ‘Come on down — we’re popping Champagne. We’re celebrating,'” he said.
Holmes and her company were accused of defrauding investors, doctors and patients by falsely claiming their product could conduct at-home blood testing using a finger prick and a technological device that would scan the blood.
Holmes, 37, was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud. The jury said it could not reach a unanimous decision on three other fraud charges.
Holmes, who cultivated a reputation as a rising star in the world of tech and who drew comparisons to pioneers like Steve Jobs, faces up to 20 years in prison for each of the four charges on which she was...
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