Former Theranos CEO Elizabeth Holmes on Monday was found guilty of four federal fraud charges and acquitted on four others by a jury in San Jose.
Listen to the latest episode of "Bay Current" below.
Former Santa Clara County District Attorney and legal analyst Steven Clark spoke to KCBS Radio's "Bay Current" to explain the verdict.
"The things that the jury could convict her on was that she utilized the military to promote Theranos," Clark said. "She was saying that Theranos was in medivac helicopters and it was a false statement and she was convicted on that. They also convicted her use of using the Pfizer logo to promote Theranos. The jury held onto those things as unethical and illegal."
Although Holmes was found guilty on four fraud charges, Clark emphasized that she could have been convicted of every charge if she had not taken the stand last November.
"Her testimony and her life story were important for this jury in giving her that benefit of the doubt," Clark added. "Her testimony was critical to her case. She testified that she did not intend to commit fraud. She has the power of persuasion, and she was able to get billionaires to invest in Theranos without vetting. She needed to connect to that jury."
Despite Holmes' renowned power of persuasion, she could not explain why she made claims that Theranos was connected to powerful industries like the American military.
"She could not explain away the military connection, the Pfizer connection, or why third-party machines were being used and purported as being Theranos machines. That was fraudulent behavior," Clark said. "The jury said she went too far."
Monday's verdict ended a more than four-month deliberation which suffered from postponements due to the COVID-19 pandemic.
Holmes could face up to 20 years in prison for each fraudulent count.
Holmes' former romantic and business partner, Ramesh "Sunny" Balwani, faces the same charges as Holmes. His trial is set to begin in February.
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