Throughout Elizabeth Holmes‘ many controversies, one man has sided with the Theranos founder: her husband, Billy Evans.
In 2003, Holmes founded Theranos, a $9 billion Silicon Valley biotech startup. She claimed that the company had revolutionized blood testing technology to diagnose a host of diseases with just a few drops of blood. However, in 2015 the truth came out — Theranos’ technology wasn’t working. Per a The Wall Street Journal exposé, company executives manipulated research and defrauded investors out of a whopping $700 million.
Three years later, in March 2018 US Securities and Exchange Commission (SEC) accused Theranos, Holmes and former Theranos Chairman Ramesh “Sunny” Balwani – Holmes’ ex-boyfriend – of defrauding investors in an “elaborate, multi-year fraud,” making false or exaggerated statements about the accuracy of the company’s blood. technology testing, as well as Theranos’ business and financial performance. Balwani, for his part, was convicted of fraud in July 2022 on 12 felony counts of defrauding both Theranos investors and patients.
Holmes was convicted by a California jury in January 2022 of four counts of wire fraud (each count carries a maximum sentence of 20 years behind bars). In addition, Holmes also faces a fine of $250,000 plus restitution on each count in the fraud trial.
Despite all the chaos, however, Evans remains a devoted husband to the former CEO.
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