Forbes declared her to be the world’s youngest self-made female billionaire. Inc, a business magazine that put her on the cover, claimed she was the “next Steve Jobs.”
At 30, Elizabeth Holmes ruled the world in 2014. Although she dropped out of Stanford University, she created a company worth $9 billion (about £6.5 billion) with a breakthrough in disease identification.
Theranos’ Edison test is supposed to identify cancer and diabetes without needle pain. The highest echelons of power like Henry Kissinger and Rupert Murdoch have invested.
It was revealed that Holmes was a fraud a year after the media exposed her, and during that time her company began to lose its core values. The company she started went bankrupt, despite her claims that the technology was sound, and the technology was a total failure.
If convicted, Holmes, now 37, faces up to 20 years in prison. She has never spoken about the case before.
Next month, Elizabeth Holmes’ trial (U.S. v Holmes et al.) will begin, and she will plead not guilty.
Additionally, according to reports, her attorneys will claim that her ex-boyfriend and business partner, Ramesh Sunny Balwani, manipulated and harassed her, which prevented her from having a clear view of the situation during the alleged violations.
In describing the situation, Balwani, who faces the same fraud charges, called the allegations “outrageous.” A jury will try the woman and determine how mercifully or severely to sentence her.
Fast starts under full pressure
The fact that Holmes gambled on a technology she knew didn’t work doesn’t explain her motives, despite a documentary, book, TV series, and movie all focusing on her.
The fact that she was raised in a financially stable home in Washington DC, a quiet but gentle child, is an accepted truth.
Richard Fuisz, an 81-year-old businessman and inventor, believes Mrs. Holmes was under incredible pressure to succeed. His family had known the Holmeses for many years and were once good friends, but things turned sour in 2011 when Theranos sued him over a patent dispute, resulting in the loss of a friendship and property (later settled).
Theranos’ founder was arrested for fraud.
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Dr. Roberts says they were concerned about the status experienced for connections. According to Dr. Roberts, Ms. Holmes’ parents worked in Washington, D.C., as civil servants for most of their careers. He adds that his family members were proud of their heritage and status, explaining that Fleischmann’s yeast, started by his ancestors, changed the bread industry in America.
At the age of nine, young Elizabeth wrote a letter to her father in which she stated that her life’s purpose was to discover something new because she wanted to know what man never knew was possible.
While a chemical engineering student at Stanford University, she came up with the idea of a patch that would diagnose an infection and dispense medication accordingly.
It was clear that her stubbornness would persist and that she had the potential to run the company she would start the following year, even at the age of 18.
“It wouldn’t work,” is what Phyllis Gardner, a clinical pharmacologist at Stanford, remembers saying about the skin patch idea that Theranos founder Elizabeth Holmes brought up in a meeting.
Dr. Gardner explained that she looked right through him and seemed quite sure of her own greatness and that he felt bad when she ignored his expertise.
A meteoric rise Over the next few years, Holmes left Stanford at the age of 19 and founded Theranos, creating for the second time a revolutionary technology for testing blood drawn by a simple finger prick.
Influential figures are captivated and investing, all without a glance at the financial statements.
Treasury Secretary George Schultz, a decorated Marine Corps general (who later served in the Trump administration), as well as the Waltons – America’s wealthiest family – and decorated Marine Corps General James Mattis, was among his supporters.
The aide, as well as his behavior, gave him credit.
Jeffrey Flier, the former dean of Harvard Medical School, knew that she had come up with this fantastic idea and that she had convinced all these investors and experts. He met Insetacor for lunch in 2015.
Dr. Flier, who had never formally tested her technology, explained to him that she was confident, but looked confused when asked about her technology. She seemed odd, but he did not conclude that she was a fraud.
She was eventually asked to join the board of directors, a decision Dr. Flier now regrets, as she was excluded because of the controversy.
A whistleblower revealed suspicions about Edison in 2015, as the company began to disintegrate. According to the Wall Street Journal investigation, the firm’s conclusions were fundamentally flawed as competitors built its equipment, and most of its results were rejected.
Lawsuits, loss of employees, and an actual ban on Holmes running a blood testing service piled up over the years until she was finally unable to continue her work.
Theranos was closed in 2018.
Bully or victim?
In March of that year, Holmes faced punitive sanctions from banking regulators for raising $700 million from investors while making bogus claims.
But a few months later, she and her partner, Mr. Balwani, were charged with serious wire fraud.
Prosecutors allege that she lied to patients about the tests and intentionally lied to backers about the company’s performance.
Billionaire Mr. Evans hired Ms. Holmes in 2018 to work for his hotel chain. In 2019, she was released on bail and married Mr. Evans, a 27-year-old heir to the Evans Hotel Group hotel chain. In July of this year, they had a baby boy.
Attorney Emily D Baker (who is not involved in the case) explained that she doesn’t think her new motherhood will have an impact on the trial, but the court is likely to consider it if she is found guilty.
It is amazing how much she has stuck to her original story and how many people say she has not changed. Those who knew her to find it remarkable that she clings to her original story, and they doubt that she has changed.
Holmes’ lawyers say she had a good faith belief that all the falsehoods about Theranos were true and that it was a viable business that benefited its stakeholders.
In addition, they attempt to mitigate her guilt by saying that she could not make decisions in general, including the decision to deceive her victims because of Mr. Balwani’s controlling behavior.
Text messages allegedly sent between disgraced Theranos founder Elizabeth Holmes and her one-time lover and business associate Ramesh ‘Sunny’ Balwani show the pair panicking before the blood-testing company collapsed
Her lawyers say she was constantly under the control of her former operations manager, who will also go on trial next year. The witness list will include a psychologist with experience in sexual assault cases.
It is not known whether Ms. Holmes will testify.
Ms. Baker explained that proving that someone intended to defraud is often the most difficult part of any fraud case,
Prosecutors will have to prove that she knew the technology didn’t work, but claimed it nonetheless, by presenting evidence of her messages and emails.
Her trial started last week and she faces 20 years in prison.
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