Cayman Islands, Caribbeanand International News
Friday, Jan 27, 2023

Elizabeth Holmes: Alleged fraudster CEO tells court she believed her revolutionary technology was real

Elizabeth Holmes: Alleged fraudster CEO tells court she believed her revolutionary technology was real

The founder and former chief executive of Theranos has taken to the witness stand to justify her actions, but faces cross-examination from prosecutors.

Elizabeth Holmes, the founder and former chief executive of Theranos, has told a court that she initially believed her company's revolutionary blood tests were not the fake technology they ultimately proved to be.

Holmes' testimony from the witness stand on Monday focused on how enthusiastic her belief was in Theranos' finger-prick blood tests based on some early research which indicated they were promising.

She is facing charges that she knowingly duped investors and patients into believing that the company's technology was legitimate and revolutionary, when it actually did not work.

The trial, which began in early September, is being seen as emblematic of more than just the misdeeds of key staff at this one Silicon Valley medical technology firm but of the 'fake-it-until-you-make-it' culture among many other start-ups.

The scandal at the company was revealed in 2015 in a front-page story in the Wall Street Journal which claimed the company's blood testing technology was so flawed Theranos was actually using equipment made by other businesses to carry out tests in its laboratories.

Three years later criminal charges were filed against Holmes and Romesh Balwani, her former boyfriend and the president and chief operating officer of Theranos, accusing them of fraud.

The pair are charged with engaging "in a multi-million-dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients" and each face two counts of conspiracy to commit wire fraud and nine counts of wire fraud.

Theranos made misrepresentations to doctors and patients about the reliability of its tests, the Department of Justice alleged.

The executives were also accused of making misrepresentations to investors about the financial condition of the company, celebrating expected sales of over $1bn when they were actually bringing in just a few hundred thousand.

Balwani's trial is being heard separately to that of Holmes.

Elizabeth Holmes faces up to 20 years in prison if found guilty.

As reported by the Associated Press, Holmes was posed friendly questions on Monday by her attorneys in an attempt to sway the jurors who would determine whether the former billionaire, now 37, goes to prison potentially for up to 20 years.

Holmes attempted to make eye contact with the jurors while referencing studies, conducted with major pharmaceutical companies from 2008 to 2010, which found that the third generation of a Theranos blood test was showing promise.

The focus was not on the test itself however but on the effect that these initial reports would have had on Holmes' state of mind.

Her decision to take the witness stand was surprising to some as it opens her to cross-examination from prosecutors who will have the opportunity to pore over potential contradictions in her public statements.

The trial is expected to continue into December.


Related Articles

Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
British PM Rishi Sunak pledges further action on strikes to 'protect lives'
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Double standards: UK lawmakers attack EU chief over Ireland claims
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
George W. Bush and Barack Obama will hold back-to-back disinformation conferences
Mission Improbable: Tom Cruise & Queen Elizabeth
Miss Argentina and Miss Puerto Rico are not single anymore