Two thousand eighteen wasn’t a great year for Elizabeth Holmes.
Following the slow implosion of her blood-testing company, Theranos, Holmes received her first charges from the U.S. Securities and Exchange Commission (SEC) in March 2018. A few months later, in September, Theranos was finally forced to shutter.
But while Theranos is no more, Elizabeth Holmes's fate still hangs in the balance. Below are her current criminal charges.
Charged with massive fraud
The SEC charged Holmes and former Theranos chief operating officer and president Ramesh “Sunny” Balwani in March 2018. According to the complaint, the pair stood accused of “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”
Indicted on nine counts of wire fraud
Specifically, these charges pertain to the allegation that Theranos defrauded its investors out of millions of dollars while also deceiving — and putting at risk — the lives of hundreds of patients and doctors.
Both Holmes and Balwani pleaded not guilty to these charges.
Indicted on conspiracy to commit wire fraud
Along with nine counts of wire fraud, Holmes and Balwani were also indicted on two counts of conspiracy to commit wire fraud. Both also pleaded not guilty to these charges.
The road ahead
Holmes and Balwani each face a maximum sentence of 20 years in prison and a fine of $250,000, plus restitution, for each individual count of wire fraud and conspiracy, according to the U.S. Attorneys office.
However, according to a January filing, the Justice Department is still sorting through nearly 17 million pages of documents. Depending on what they find, they could file even more charges against Holmes and Balwani. As of now, a trial date has not been set.
According to U.S. Attorney John C. Bostic, the “story is bigger than what’s captured in the [original] indictment,” and “doesn’t capture all the criminal conduct” the investigation has found, Fortune reported.
So far, it seems prosecutors are determined to use the Theranos case as an example. U.S. Attorney Alex Tse in the Northern District of California recently said in a statement:
"This district, led by Silicon Valley, is at the center of modern technological innovation and entrepreneurial spirit; capital investment makes that possible. Investors large and small from around the world are attracted to Silicon Valley by its track record, its talent, and its promise...[and] the fact that behind the innovation and entrepreneurship are rules of law that require honesty, fair play, and transparency. This office…will vigorously investigate and prosecute those who do not play by the rules that make Silicon Valley work."
It still remains to be seen how all of this pans out, but one thing is for certain: This story is far from over.