One of the jurors in Theranos fraudster Elizabeth Holmes’ trial said the panel convicted her because as CEO, “everything went through her.”
Wayne Kaatz, who served as juror No. 6 during the trial, said the jury decided Holmes was guilty of defrauding investors in the failed blood-testing startup within the first three days of deliberations.
As the CEO and founder of Theranos, Holmes “owned everything,” including the information sent to investors prior to the firm’s collapse.
“Everything went through her,” Kaatz said in an interview with ABC News published Wednesday. “She had final approval.”
Holmes, 37, was convicted earlier this week on three counts of wire fraud and one count of conspiracy to commit fraud. Each count carries a potential of up to 20 years in prison, though the charges could be served concurrently and Holmes is not expected to receive the maximum sentences.
The jury acquitted Holmes on four counts of fraud and conspiracy for allegedly defrauding patients who took Theranos blood tests. Kaatz said the jurors reached that decision after determining Holmes did not directly deceive patients.
Despite seven days of deliberations, the jurors were unable to reach a consensus on three other counts related to fraud against investors. Kaatz said the jury was “very saddened” when it first informed Judge Edward J. Davila of the deadlock on the three fraud charges.
“We thought we had failed,” Kaatz said.
Kaatz, a TV writer from California, said the jury was skeptical of Holmes’ testimony during the fraud trial. When the jury ranked each witness’ testimony on a 1-to-4 scale based on credibility, with one being the least credible, Holmes received a two.
He noted the jury “respected Elizabeth’s belief in her technology” but still determined she was guilty.
“It’s tough to convict somebody, especially somebody so likable, with such a positive dream,” Kaatz said. “[We thought], ‘She still believes in it, and we still believe she believes in it.’”
Holmes’ conviction marked the conclusion of a stunning fall for the tech founder, who was once considered a rising star in the business world.
Theranos once drew a $9 billion valuation and secured funding from several high-profile investors while touting a device that Holmes claimed could perform many medical tests with just a few drops of a patient’s blood. But the startup imploded after news reports revealed the devices were far less effective than Theranos claimed.