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A jury was set up to begin discussing the merits of the fraud case against him. Elizabeth HolmesThe entrepreneur was accused on Monday of lying to investors and patients about blood test startup Theranos.
Mrs. Holmes’ case almost four monthsscientists, senior executives and four star general. The hearings came to represent a defining moment for the tech industry and its overly optimistic sales culture.
A jury of eight men and four women will debate whether prosecutors have demonstrated beyond reasonable doubt that Ms. Holmes conspired to commit nine radio frauds and two radio frauds while selling Theranos to investors and patients. Her former business partner and boyfriend Ramesh Balwani was indicted along with her in 2018. Both pleaded not guilty. Mr. Balwani will be tried next year.
Each of the 11 charges carries a maximum sentence of 20 years in prison, though most likely to be tried at the same time. Negotiations are scheduled to take place on Monday, Tuesday and Thursday.
Ms. Holmes’ case is notable for its rarity: Few tech executives were charged with fraud, fewer went to jail, and even fewer were women.
The lawsuit covers more than half a year of business deals. Ms. Holmes founded Theranos in 2003, and the startup has raised $945 million from investors such as Rupert Murdoch, the family of former Education Secretary Betsy DeVos, and heirs to the Walmart fortune. Theranos has performed more than eight million blood tests on patients.
Ms. Holmes’ ascent to the highest echelons of business covered in breath by the news media as its downfall. Theranos crashed in 2018 after whistleblowers exposed their problems to The Wall Street Journal and federal regulators. The legend has been documented in popular books, podcasts and documentaries; It will soon be shown in scripted shows on Hulu and Apple TV+.
During the trial, Mrs. Holmes stood on the bench for seven days. It was the first time he had told the public his side of the story. He admitted to making some mistakes and blamed his colleagues for others. she cried blaming Mr Balwani from emotional and sexual abuse. He denied the accusations.
Last week, prosecutors and Ms. Holmes’ defense attorneys summarized their views for the jury. hours of closing statements.
Ms. Holmes’ lawyer, Kevin Downey, said he did not deliberately mislead investors and patients with his statements. He argued that he thinks Theranos’ technology is working and that he misunderstood investors’ statements about what Theranos plans to do in the future as to what they could do at the time.
“He believed he had developed a technology that would change the world,” he said.
Jeffrey Schenk, a US attorney general and attorney general, cited evidence that Ms. Holmes knew that Theranos’ tests had accuracy issues and that her job had failed. “She chose to keep the company afloat by lying,” said Mrs. Holmes.
“He chose fraud over business failure,” he said.
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