On Monday, Jan. 3, Elizabeth Holmes was found guilty of defrauding investors. The jury came back with convictions of substantive fraud (18 U.S.C. § 1343, Counts 6, 7, and 8) and conspiracy (18 U.S.C. § 1349, Count 1) while acquitting her of the fraud counts centered on defrauding individual patients (Counts 2, 10, 11). They couldn’t agree on several counts involving specific wire transfers (Counts 3, 4, 5), amounting to several million dollars alleged by the government to have been part of the fraud scheme, but acquitted her of another wire alleged to have been sent as part of the scheme to defraud patients (Count 12).

We wrote an article at the outset of the trial scratching our heads about the potential defense of it wasn’t fraud, I didn’t do it, but if I did, you should blame my co-defendant, Ramesh “Sunny” Balwani.

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