Criminal law experts expect Theranos founder Elizabeth Holmes to be sentenced to more than a decade in prison after a jury found her guilty of defrauding investors in her blood-testing startup of millions of dollars.

“I could easily see the judge impose a double-digit sentence here,” former federal prosecutor Jacob Frenkel told Yahoo Finance Live on Tuesday, the day after the jury’s mixed verdict came down.

After a nearly four-month trial, a federal jury convicted Holmes, 37, on three counts of criminal wire fraud and one count of conspiracy to commit wire fraud. The jury deadlocked on three counts of wire fraud, leading to a mistrial on those counts. She was found not guilty on four counts of defrauding customers of Theranos, which Holmes had suggested could perform numerous diagnostic tests from a finger prick of blood.

Each of the counts carry a possible prison sentence of 20 years, along with a $250,000 fine and full restitution. However, judges rarely impose consecutive, or stacked, prison terms on white collar defendants like Holmes, who could in theory face 80 years in prison on the four convictions, given the judge’s leeway in sentencing. Still, experts say that the amount of money involved in the fraud could lead to a multi-year prison sentence for Holmes.

“For these white collar cases, that’s where they get you. The loss amount is just so critical,” says Andrew George, a white collar criminal defense attorney at Baker Botts.

Elizabeth Holmes walks into federal court in San Jose, Calif., Monday, Jan. 3, 2022. (AP Photo/Nic Coury)

The jury’s four guilty verdicts stemmed from three investments made by wire transfers in 2014: $38.3 million from experienced healthcare investor Brian Grossman; roughly $100 million by former U.S. Education Secretary Betsy DeVos; and $6 million by prominent estate lawyer Daniel Mosley, who was perhaps more influential than any other investor in steering wealthy clients to Theranos.

That roughly $144 million in victim losses, added to the conspiracy conviction that alleged no particular dollar figure, could carry heavier consequences than if Holmes were convicted of defrauding victims out of less significant amounts.

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