CA - Elizabeth Holmes (Theranos) Wire Fraud

Discussion in 'Trials' started by Seattle1, Apr 7, 2019.

  1. Seattle1

    Seattle1 #LiveLikeLizzy

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    Here Are All Of Elizabeth Holmes' Criminal Charges

    The long, winding, and often unbelievable journey of Holmes has been at the forefront of people’s minds as of late, particularly as her story has been made into a podcast, a documentary, and soon a feature film.
    But while Theranos is no more, Elizabeth Holmes's fate still hangs in the balance. Below are her current criminal charges.

    Charged with massive fraud
    The SEC charged Holmes and former Theranos chief operating officer and president Ramesh “Sunny” Balwani in March 2018. According to the complaint, the pair stood accused of “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”
    Indicted on nine counts of wire fraud
    In June 2018, following a long investigation (which included a deposition by Holmes in 2017) by the U.S. Attorney's office in San Francisco, a federal jury indicted her, along with Balwani, on nine counts of wire fraud.
    Specifically, these charges pertain to the allegation that Theranos defrauded its investors out of millions of dollars while also deceiving — and putting at risk — the lives of hundreds of patients and doctors.
    Both Holmes and Balwani pleaded not guilty to these charges.
    Indicted on conspiracy to commit wire fraud
    Along with nine counts of wire fraud, Holmes and Balwani were also indicted on two counts of conspiracy to commit wire fraud. Both also pleaded not guilty to these charges.
    The road ahead
    Holmes and Balwani each face a maximum sentence of 20 years in prison and a fine of $250,000, plus restitution, for each individual count of wire fraud and conspiracy, according to the U.S. Attorneys office.
     
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  2. Seattle1

    Seattle1 #LiveLikeLizzy

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    How ex-Theranos employees reacted to Elizabeth Holmes' criminal charges: 'There's a lot of stuff I haven't dealt with': 'The Dropout' episode 6

    Holmes is charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. According to the indictment from the U.S. Department of Justice, the charges are a result of allegations that Holmes engaged in a multi-million-dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients.

    If convicted, Holmes could face a maximum sentence of 20 years in prison and a fine of $250,000 for each count of wire fraud and for each conspiracy count.

    "I think depending on how the trial goes and depending on how strong the evidence is and depending on whether or not she testifies, I would be surprised if she got less than 10 years, but I've seen in cases like this that are very substantial," Preet Bharara, former U.S. Attorney for the Southern District of New York and host of NPR's "Stay Tuned with Preet," told Jarvis.
    [...]
    Bharara has researched the Holmes case and spent years litigating high profile criminal and civil cases. He says that the proof against her "seems overwhelming."

    "I think she will be convicted, and I think her best bet is to plead, given what I know about the case, and how she might be perceived by the jury," Bharara said.

    Bharara said that it will be important for Holmes to show that she was trying to make the Theranos technology work as she promised.

    "Unlike some other fraudsters that my office prosecuted, like Bernie Madoff for example, Bernie Madoff was a fraud through and through ... there was never a thought in his head that later I'll make some money back another way and I'll pay everyone back. It was a true Ponzi scheme. I'm not saying that carries the day for her at all, but she's in a slightly different circumstance," Bharara said.
     
  3. Seattle1

    Seattle1 #LiveLikeLizzy

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    Ex-Theranos employees describe culture of secrecy at Elizabeth Holmes' startup: ‘The Dropout’ podcast ep. 1

    The company was called Theranos, a combination of the words “therapy” and “diagnosis.” It was praised for being revolutionary and for creating a breakthrough that would change the medical industry forever.

    Her board of directors was a who’s who of government heavyweights that at a time included former Secretaries of State George Shultz and Henry Kissinger, former Secretaries of Defense Gen. James Mattis and William Perry and former U.S. Senators Bill Frist and Sam Nunn.


    Investments came from some of the wealthiest and most connected people in the world, like media mogul Rupert Murdoch, the Walton family, the DeVos family and even the Kraft family behind the New England Patriots.

    But it all came crashing down. Today, Holmes is facing up to 20 years in prison and awaiting a criminal trial for charges of wire fraud and conspiracy to commit wire fraud, to which she has pleaded not guilty.

    In an explosive three-year investigation from “The Dropout” podcast, ABC News’ chief business, technology and economics correspondent, Rebecca Jarvis uncovers new details behind the rise and fall of Holmes and Theranos, including never-before-aired deposition tapes of Holmes, her partner Ramesh “Sunny” Balwani, her brother Christian, whistleblower Tyler Shultz and others.
     
  4. Seattle1

    Seattle1 #LiveLikeLizzy

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  5. Seattle1

    Seattle1 #LiveLikeLizzy

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    Theranos Founder Elizabeth Holmes Thinks She Has a Chance at Redemption

    While she faces federal fraud charges and up to 20 years in prison, Elizabeth Holmes thinks people will give her another shot if they can hear her side of the story.

    The founder of blood-testing startup Theranos, who raised more than $700 million from investors for technology that was little more than a pipe dream, has recently held meetings with filmmakers regarding a documentary, Nick Bilton writes at Vanity Fair. She also desperately wants to write a book.

    “Elizabeth sees herself as the victim,” a former executive close to Holmes tells Bilton.

    Should the book or movie ever come to fruition they’re set to prove once and for all that truth really is stranger than fiction. According to a January filing, the Justice Department has nearly 17 million pages of documents to comb through and could file more charges against Holmes, her business partner and former boyfriend Sunny Balwani and even others close to them.
     
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  6. Seattle1

    Seattle1 #LiveLikeLizzy

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    Elizabeth Holmes Today - News About the Theranos Founder's Indictment & Trial

    HOLMES HAS BEEN CHARGED BY BOTH THE DEPARTMENT OF JUSTICE AND THE SECURITIES AND EXCHANGE COMMISSION.
    In June of 2018, the DOJ charged Holmes and Theranos's former COO, Ramesh "Sunny" Balwani, with 11 criminal felony counts—and there could be more coming. Assistant U.S. Attorney John C. Bostic told Vanity Fair that the "story is bigger than what’s captured in the [original] indictment," and it "doesn’t capture all the criminal conduct."

    The SEC also charged Holmes and Balwani with "raising more than $700 million from investors through an elaborate, years-long fraud." Holmes chose to settle for $500,000, and agreed not to serve as an officer or director of a public company for 10 years. Balwani opted to fight the charges in court; the trial has yet to take place.

    THE TRIAL HAS YET TO TAKE PLACE.
    A date has not yet been set for Holmes and Balwani's trial. Neither have publicly admitted to any wrongdoing, and both have pleaded not guilty. If convicted, they each face up to 20 years in prison.

    Per ABC News, Holmes and Balwani are both expected to appear in a San Francisco court for a status hearing on April 22.
     
  7. Seattle1

    Seattle1 #LiveLikeLizzy

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    APRIL 6, 2019

    Family of disgraced Theranos founder Elizabeth Holmes' fiance say he's been 'brainwashed' by her | Daily Mail Online

    Family of disgraced Theranos founder Elizabeth Holmes' fiance say he's been 'brainwashed' by her as the couple 'plan to go through with wedding' despite the fact she's facing 20 years in prison for defrauding investors
    • William 'Billy' Evans, 27, is engaged to Elizabeth Holmes, 35, the founder of Theranos
    • Holmes is on trial for defrauding investors out of $700million amid bogus claims her company invented way to diagnose illness with blood finger prick
    • Evans is a wealthy California native who is the heir to a hotel fortune
    • Source close to Evans says that family and friends have tried to talk him out of the relationship
    • But 'wedding invitations have already been sent out' as it appears the couple plans to go through with the marriage
     
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  8. meanmaryjean

    meanmaryjean Verified RN (Pediatrics Specialty)

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    What a dumpster fire thos case is!
     
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  9. Herat

    Herat Way out West

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    Holmes is some sort of psychopath-narcissist.

    But she couldn't have gotten as far as she did without the utter greed and gluttony of the ultra-wealthy who wanted to believe the Emperor Has No Clothes fable.

    Kissinger, George Schultz, the DeVoss family, the Walton family, etc, etc.

    Doctor-Sentator Bill Frist ( a cardiologist knows nothing about the validation and statistical verification of laboratory testing, that's for sure)

    Her entire "schick" with the black turtlenecks, the obtuse interviews, the ineptly greedy venture capital investors who got her going.......

    And then the overtly devious manoevers when they were exposed, even when attempting to run a legitimate lab.

    Holmes and Balwani do deserve long prison sentences. They hurt patients and physicians with their corrupt and falsified practices
     
  10. Herat

    Herat Way out West

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    Absolutely Classic Narcissitic Behaviour.

    They're always the victims. It's never their fault. They just need another chance to charm you the way they did the first time.
     
  11. ilovematt

    ilovematt Well-Known Member

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    Oh my gosh and the fact that she fakes that husky man voice. :eek: The Dropout podcast is riveting.
     
  12. Gardenista

    Gardenista Well-Known Member

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    Go to youtube and read the comments. They're hilarious:D:D:D
     
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  13. Hazelnutty

    Hazelnutty Kindness Matters

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    She and her voice are scary!
     
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  14. LadyL

    LadyL Well-Known Member

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    why is her voice like that?
     
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  15. Gardenista

    Gardenista Well-Known Member

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    It's an affectation. In either the podcast or the 20/20 episode, they have audio of her real voice and it is completely different.
     
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  16. LadyL

    LadyL Well-Known Member

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    but what would be the point?
     
  17. BrownRice

    BrownRice Well-Known Member

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    To be different I think. Just one more charade aspect to her personality.

    I watched the 20/20 episide, HBO documentary and listened to the Podcast. Basically her Board was made up of old white guys smitten by a young blonde. No other answer.

    I’m not a genius, but I woukd definitely asked way more questions than any of those investors!
     
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  18. meanmaryjean

    meanmaryjean Verified RN (Pediatrics Specialty)

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    I'm no genius either but you bet I look at the annual statements of all the charities I contribute to. This just personifies the "more money than sense" set.
     
  19. human

    human Well-Known Member

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    Scary eyes.

    Before this all went down, I know the father of a person who knew her. The father was telling me about this brilliant person. Is she scientifically brilliant or is that fake, too?
     
  20. ilovematt

    ilovematt Well-Known Member

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    Podcast is The Dropout and the HBO documentary is called The Inventor. It’s bazzar, but fascinating.
     
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