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Elizabeth Holmes

January 7, 2022

Former Tech Boss Found Guilty of Fraud

A California jury found Elizabeth Holmes, founder and former CEO of Theranos, guilty of conspiracy and fraud.

According to Axios, “Holmes was the poster child of Silicon Valley hubris.”

Holmes was convicted on four charges of wire fraud and conspiracy to commit wire fraud with regards to certain investors. Each count carries a maximum of 20 years in prison, though she would likely serve them concurrently. She is expected to appeal her conviction, Axios reported.

Holmes’ blood-testing company raised more than $1 billion in fundraising from a litany of investors, including some recognizable names: Rupert Murdoch, Betsy DeVos, and the Walton family.

Prosecutors claimed Holmes made “knowingly false statements” to investors regarding Theranos’ blood analysis tech’s limitations and capabilities.

The defense argued that Holmes was naive, having been psychologically and sexually abused by former Theranos COO Sunny Balwani.

Holmes’ sentencing date is not yet scheduled.

Balwani is set to stand trial on similar charges next month.


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Theranos founder Elizabeth Holmes found guilty

September 9, 2021

Disgraced former tech CEO uses #MeToo in defense of widespread fraud

Elizabeth Holmes, founder and CEO of the now-defunct health technology company Theranos on trial for conspiracy and fraud, plans to argue that she was a victim of abuse. According to newly unsealed court documents, Holmes’ lawyers said Balwani physically and emotionally abused her to the point that it affected her mental state when the alleged fraud occurred.

Given that Holmes is best known for claiming she invented a made-up technology, getting a jury to believe her defense may be a tall order. Her trial started Wednesday, and federal prosecutors wasted no time in calling her a liar and cheat.

“This is a case about fraud, about lying and cheating to get money,” said Assistant US Attorney Robert Leach. “It’s a crime on Main Street, and it’s a crime in Silicon Valley.”

Holmes’ legal team laid the groundwork for her defense by arguing to the jury that she was naive, distracted by her work, and manipulated by an abusive partner.

“There was another side of Ms. Holmes’ relationship with Mr. Balwani that the public never saw,” defense lawyer Lance Wade said.

Balwani faces a separate trial early next year.

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Prosecutors Call Theranos’ Ex-CEO Elizabeth Holmes A Liar And A Cheat As Trial Opens

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