A federal prosecutor was out for blood Thursday in his detailed closing statement that accused Elizabeth Holmes of duping investors and consumers into believing her novel medical screening technology actually worked, even though it didn't.
that claimed its devices could perform numerous tests with just a finger prick of blood. In addition to investors, patients shared personal accounts of ill-performed blood screenings, which showed a false-positive test for prostate cancer, and another that said a womanHolmes arrived just before 8 a.m. outside the federal courthouse on a rainy Thursday, greeted by a long line of nearly a hundred spectators and reporters, some of whom had been waiting for five hours to get a seat inside.
Balwani and Holmes—who founded Theranos at age 19—face 11 counts of wire fraud and conspiracy to commit wire fraud, although Balwani’s trial is set to commence separately in January 2022. They both pleaded not guilty, but if convicted, the crimes would carry a maximum sentence of 20 years behind bars.Saul Sugarman for The Daily Beast
He and defense attorney Kevin Downey argued a full six hours Thursday, addressing nuanced areas of the case like whether Holmes’ unauthorized use of Pfizer’s logo on company documents constituted fraud; whether Holmes provided media outlets false information to manipulate investors; and whether she overinflated how much the U.S. military had integrated Theranos products in medevacs and helicopters.
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