Elizabeth Holmes, Silicon Valley figure who compared to Steve Jobs, on trial for millionaire fraud

Elizabeth Holmes, Silicon Valley figure who compared to Steve Jobs, on trial for millionaire fraud
The company Holmes founded, Theranos, was valued at $ 9 billion.

Elizabeth Holmes, founder of biotech Theranos, promised faster and cheaper results than traditional labs using a few drops of blood, but something went wrong and today he faces charges of wire fraud and conspiracy, published Expansión.

After her trial was postponed several times for maternity reasons, Holmes will face a federal court in San José, facing 10 counts of wire fraud and two counts of conspiracy with which she presented a revolutionary system of blood tests but that disbanded due to massive fraud allegations.

The founder of the start-up has in turn accused her ex-boyfriend Ramesh Balwani, who was president of the company, of abusing her, which points to a possible defense strategy with the selection of the jury in the trial that will face this week.

The U.S. Securities and Exchange Commission (SEC) in 2018 accused Elizabeth Holmes and her former president of massive fraud after raising more than $ 700 million through a scheme with false claims about your business technology and the financial performance of the company.

Theranos was at her best a Silicon Valley star, promising a revolutionary clinical analysis system, which positioned her on different magazine covers as the model leadership of the “new economy.” The entrepreneur was so positioned at the time that They got to put it at the same height as Steve Jobs.

The whistleblowers accuse Holmes and Balwani of misleading them with false and misleading investor presentations, product demos and media interviews, in which they displayed techniques by which investors thought their product was a strategic investment, but ended up being a Big biotech scam that was built on Silicom Valley’s golden age.

According to prosecutors, Holmes deliberately lied to investors, doctors and patients to continue raising money.

Theranos raised $ 700 million dollars from investors of the stature of Rupert Murdoch and Larry Ellison and formed a council with important names from the world of business and American politics, such as Henry Kissinger.

The indictment based the fraud on Theranos overstating the capabilities of its blood test system, which actually produced errors that could put patients’ health at risk.

The company founded by Holmes came to be valued at $ 9 billion.

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