The trial of Elizabeth Holmes, founder of the start-up which turned out to be based on a vast deception, opened on Wednesday for fraud and criminal association.
It is an extraordinary case which is judged since Wednesday in San JosÃ © in California: the very mediatic trial of Elizabeth Holmes, founder of the diagnostic start-up Theranos. Targeted by twelve counts of indictment, fraud and criminal conspiracy, the former Silicon Valley star faces up to 20 years in prison.
It all started in 2003, the year Theranos was created. TO?? only 19 years old, Elizabeth Holmes left Stanford University before graduating to launch her start-up with the promise of revolutionizing the world of medical analysis. Theranos aims to be able to produce blood tests on a large scale faster and cheaper than those of traditional laboratories thanks to innovative methods. With only a very small amount of blood, the company says it will be able to perform up to 200 tests.
This new technology propels the young woman to the top. Compared to Steve Jobes, the self-made woman arouses the curiosity of the greatest who do not hesitate to bet on her talent. Timothy Draper and Don Lucas, stars of the venture capital of Silicon Valley, the media magnate Rupert Murdoch and his Mexican billionaire friend Carlos Slim but also the Walton family, historic shareholder of the giant of the distribution Walmart or the family Oppenheimer, who controlled De Beers for a long time, is investing in Therenos with his eyes closed. Ten years after its launch, Theranos is valued at $ 9 billion. According to Forbes magazine, in 2015, Elizabeth Holmes’ personal fortune was valued at $ 3.6 billion, earning her the title of “youngest non-inherited billionaire.” reÂ ”. That same year, she was named to the Times’ prestigious ranking of the hundred most influential people on the planet. In a few years, the name of Elizabeth Holmes is known to all and rhymes with success. The fall will be all the more brutal.
In 2015, Therenos’ beautiful promises collapsed like a castle of cards after a Wall Street Journal investigation uncovered the dubious nature of the technology promised by the company pushing the authorities. To take a closer look. Because the latest success story hides a vast deception: diagnostic machines have in fact never worked. As of 2016, Elizabeth Holmes was banned from running any blood laboratory in the United States for at least two years. Two years later, it was the turn of the SEC (Securities & Exchange Commission), the body that regulates stock market transactions in the United States, to accuse the Sillicon start-up Valley. On March 14, 2018, she published a damning indictment on this “elaborate fraud that raised $ 700 million”. In order to settle the financial aspect of the case, the entrepreneur agrees to pay a fine of $ 500,000 and cede financial control of the company.
But it was impossible to escape criminal prosecution and in June of the same year, Elizabeth Holmes and her right-hand man, Ramesh Balwani, were finally indicted by a California grand jury. According to American justice, the former leader of Theranos and its president knew that their analysis technique “had reliability problems, only allowed to do a limited number of tests and to Was slower than other systems’ on the market. Beyond the blood tests paid for by hundreds of patients or their insurance, the indictment of the federal authorities denounces the fact that “of the results of tests which are were inaccurate ”were handed over to doctors and patients.
The trial, which should last at least 13 weeks, therefore opened on Wednesday before a jury made up of seven men and five women. He had been delayed several times, in particular because the accused gave birth in early July. According to prosecutors Elizabeth Holmes got along with Ramesh Balwani, who beyond being the chairman of Therenos was also her lover for a time. An element on which the defense of the young woman is counting on, that the man, 19 years older than her, was controlling her and abusing her psychologically. Man must be judged separately.
Kevin Downey, Elizabeth Holmes’ lawyer, asked potential jurors last week if they had ever suffered “abuse in their intimate relationships”. Prosecutor Jeffrey Schenk asked him if there were any individuals close to the medical community in the room. These jurors could indeed not be impartial if the prosecution calls on psychologists to counter the idea that Elizabeth Holmes was not responsible for her actions.
TO?? SEE ALSO – What are the challenges of the trial of the founder of Theranos for fraud and criminal conspiracy?
In matters of evidence, they will have to be based primarily on testimony. The Theranos lab database was indeed handed over to the government on a hard drive in August 2018, but the company was subsequently decommissioned, along with its servers, making it impossible to read the copy. On the list of potential witnesses are well-known names, such as former Secretary of State Henry Kissinger, former Defense Minister James Mattis, who served on the council of administration of Theranos, or media mogul Rupert Murdoch. Patients who were victims of faulty analyzes could also be called to the bar, to tell how they experienced bad diagnoses of cancer, AIDS or even pregnancies. Elizabeth Holmes herself might decide to speak out.
the 09/08/2021 at 11:05 PM
Really easy to pass the responsibility over to the other partner who just happens to be male – maybe all those years strutting around and getting their picture taken, it’s all about it. was just blowing? Corruption, opportunism, deviation are genderless… men and women are equal in these areas.
the 09/08/2021 at 10:15 PM
She is young. She is pretty. She found a young heir to get her pregnant and her child was born not long ago. She will therefore only be sentenced to a principle sentence. On the other hand, her ex, who was the president of the company, and on whom she blamed all the blame, is fat, a little chiseled and has not just given birth to a lovely baby. He’s going to take life. And yes, there is justice and justice.
the 09/08/2021 at 10:08 PM
Finally, Elizabeth Holmes is going to stand trial.We don’t hear from the feminists who complain that there aren’t enough female CEOs. Elizabeth Holmes has proven that for a woman to reach the top spheres and become the friend of Obamas, you have to lie, cheat, manipulate, rip off and even threaten!