Elizabeth Holmes could potentially go to jail once sentencing begins.

Comments on this storySeven years after recasting Elizabeth Holmes from a passionate young entrepreneur with an explosive fortune to a con artist who misled the public about her blood testing startup, the former Theranos CEO faces the judge who caught her. will do. Fate is in his hands. The entrepreneur who started Theranos as a Stanford dropout and grew it into a top-value $9 billion company was convicted in January of misleading investors that his technology could run hundreds of tests with just a few drops. blood. In fact, the company was relying on another company’s technology to run its tests. She was convicted of four counts of wire fraud and conspiracy to commit wire fraud after a four-month trial that featured testimony and stories from billionaire investors. Support from US officials and patients who used the company’s technology. Holmes also took her stand during her emotional testimony that she had defended her actions in good faith for seven days and was unaware of her fraud. Theranos founder Elizabeth Holmes was convicted in a landmark Silicon Valley fraud case. Holmes said she was due for a monotonous court appearance. Today in the heart of Silicon Valley, at a federal sentencing hearing where federal prosecutors asked her judge to sentence her to 15 years in prison and fine her investors and business partners $800 million. It puts people at risk and will continue to do so.” “She stands in front of the courtroom relentlessly. She takes no responsibility. Rather, she claims to be the victim. She doesn’t.” A spokeswoman for Holmes did not respond to a request for comment. Holmes has gone unnoticed since Theranos fell apart. She lives in Silicon Valley with her partner and her son and volunteers on a crisis line for survivors of sexual assault. Pregnant at a public hearing in San Jose last month, she started her company in 2003 at the age of 19 with the promise of developing a technology that would eliminate the need to pull tubes and blood tubes to run diagnostic tests. She quickly attracted investors, raising millions of dollars in investments from prominent businessmen and politicians, including Larry Ellison and Rupert Murdoch. Holmes also attracted famous politicians such as Henry Kissinger and Jim Mattis to the board. After the ambitious public release of her startup about 10 years ago, Holmes rose to fame. She was one of the few young female founders in a competitive tech world that still often features white male CEOs. Her press took notice as she not only landed her on the covers of magazines including Forbes, Fortune and Inc., but also spoke at her conferences and gave her TEDMED Talk. She’s struck deals with Walgreens and Safeway to introduce a tiny blood testing machine known as the Edison that claims to use “nanotainers” that require enough blood to prick her finger to test for everything from cholesterol to herpes. I did. Internally it was a different story, according to testimony at her trial last year. Theranos’ proprietary technology was actually only able to run a dozen or so tests, and witnesses said the tests didn’t always perform reliably. patient. Former executives at Walgreens and Safeway said they didn’t realize Theranos was processing blood tests using existing machines from other companies. And former Secretary of Defense Jim Mattis, who served on the company’s board of directors, said he would have had a different view of the company had he known the limitations of the Theranos blood testing device. A whistleblower testified to concerns about blood testing technology during the trial of Elizabeth Holmes. A 2015 Wall Street Journal investigation revealed that Theranos relied on traditional lab test machines and common blood draws to run many tests. Regulators started looking into the company. And Theranos went on the defensive. Holmes’ empire and public image began to crumble. Federal regulatory agencies for laboratories found that the company’s laboratory “poses an immediate risk to the health and safety of patients.” Holmes was eventually banned from owning or operating a medical lab for at least two years. And in 2018, she was charged with massive fraud by the Securities and Exchange Commission, and paid a hefty fine to settle it. She left Theranos that year, and the company closed soon after. She has since been the subject of an HBO documentary, a Hulu TV series, a best-selling book, and several podcasts. Perspective: Elizabeth Holmes tells all the tropes of books Holmes tested. used During her trial last year, she stood for more than 20 hours and gave her first public address in years, and many reporters and members of the public gathered to see her in person. She told the jury that she was always acting in good faith to create and maintain technology that could help people. Holmes said Theranos was running blood tests on a modified third-party machine without notifying its business partners, and added the logos of the two pharmaceutical companies to a study the company sent to investors. “They weren’t interested in today or tomorrow or next month,” she said from the podium. “They were interested in what kind of change we could make.” Elizabeth Holmes spending time in court. Here’s her defense: Throughout the trial, Holmes’ lawyers maintained that Holmes made mistakes as a young CEO, but acted with good intentions, and that she believed in the company she was building. “Theranos certainly didn’t see mistakes as crimes,” she says. “They saw them as part of the road to success,” said Attorney Lance Wade early in the trial. Holmes’ attorney asked the judge to sentence Holmes to 18 months in prison or home confinement and community service. I built Theranos for obvious reasons,” they wrote to the judges. “She has worked tirelessly alongside hundreds of wonderful and dedicated staff to improve access to affordable health information.” Holmes has been trying new things for months. Holmes’ team had previously filed three motions for a new trial, all of which were rejected by Federal District Judge Edward J. Davila. Former Secretary of Defense Jim Mattis testified about her time on the Theranos board during her trial with Elizabeth Holmes. According to eyewitnesses at the trial, Adam Rosendorf, the former head of Theranos Labs, who appeared at Holmes’ house to talk to his partner, Billy Evans, was trying to make everyone look bad. Evans wrote. The judge granted an evidence hearing with Rosendorff, but ultimately overruled the motion. Holmes’ former business and romantic partner, Sunny Balwani, claimed that Holmes had abused her for years, and she was later charged with Holmes before his case was cut. . Balwani denied her charges, and Balwani was convicted on all 12 counts of conspiracy and wire fraud on which he was accused. His sentencing is scheduled for December, and more than 100 people, including former employees, investors and even a New Jersey senator, wrote letters supporting Holmes’ sentencing memo. Cory Booker, who said they met Holmes years before his indictment, wrote, “In the years since, I have always been amazed at the way her conversations focused on her desire to make a positive impact on the world.” Theranos failed. , but other blood technology companies are still working to make testing faster and easier. Holmes’ partner, Evans, also wrote to the judge to describe Holmes as different from what was portrayed in the press. “Her willingness to sacrifice herself for her greater good is something I admire greatly in her,” he praised, and he also praised “her decision to swim across the Golden Gate Bridge during her pregnancy earlier this year.” wrote that “Rain or shine she practiced and her determination overpowered her adversity,” he wrote. “Two weeks before the competition, she had her cut-off time swimming breaststroke. I was wrong, you’d think by now I’d learned not to undercut her patience.
#Elizabeth #Holmes #potentially #jail #sentencing #begins

Leave a Comment

Your email address will not be published. Required fields are marked *