Throughout Elizabeth Holmes‘ many controversies, one man has stood by the Theranos’ founder’s side: her husband, Billy Evans.
In 2003, Holmes founded Theranos, a $9 billion Silicon Valley biotechnology start-up company. She claimed the company had revolutionized blood-testing technology to diagnose a multitude of diseases with just a few drops of blood. In 2015, however, the truth came out — Theranos’ technology didn’t work. Per a Wall Street Journal exposé, company executives manipulated research and swindled investors out of a staggering $700 million.
Three years later, in March 2018, the U.S. Securities and Exchange Commission (SEC) charged Theranos, Holmes and former Theranos President Ramesh “Sunny” Balwani — Holmes’ ex-boyfriend — with deceiving investors by “an elaborate, years-long fraud,” through false or exaggerated statements about the accuracy of the company’s blood-testing technology, 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, on four counts of wire fraud (each count carries a maximum sentence of 20 years behind bars). Additionally, Holmes also faces a fine of $250,000 plus restitution for each count in the fraud trial.
Despite all the chaos, however, Evans remains a dedicated husband to the former CEO.
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