Some pre-trial filings suggest that, like Holmes, Balwani may argue that he had no intent to commit fraud, a necessary element for the government to prove a crime. In a pre-trial court filing on December 6, Balwani's attorneys said they should be allowed to argue that he acted properly in his dealings with investors.
Balwani should be permitted to argue that he viewed the amounts he collected from the alleged victims as genuine investments that he intended to make profitable," the filing said. Balwani's defense team has also sought to limit evidence involving patients, including the results of tests that were performed using non-Theranos diagnostic equipment. Prosecutors have argued that the use of third-party devices, which Theranos hid from the public, was part of the alleged fraud.
As they did in the Holmes trial, former Theranos insiders are likely to testify that Balwani was an integral part of a secretive corporate culture that aggressively quashed dissent in order to hide problems from investors and patients.
Former Theranos lab associate-turned-whistleblower Erika Cheung, a prosecution witness in Holmes' case who is also listed as a potential witness against Balwani, testified that when she began encountering inaccurate test results, she brought her concerns to Balwani.
In an interview with "American Greed," Cheung said that one of her first hints of trouble at Theranos was when she began emailing colleagues about the testing issues, and to her surprise, she heard back from Balwani.
He wasn't cc'd. He wasn't bcc'd," she said. Cheung eventually took her concerns outside the company, sharing them with federal agents and with journalist John Carreyrou, who first exposed the issues at Theranos in the Wall Street Journal in In a pre-trial motion filed on Nov.
Cheung lacks any such expertise," the filing said, alleging that when she testified in the Holmes trial, "she repeatedly opined on complex scientific matters and industry standards without any relevant expertise or knowledge. Assuming Cheung takes the stand again in Balwani's trial, his attorneys will know almost exactly what to expect, thanks to her testimony in the Holmes case. In response, Judge Davila issued what is known as an Allen charge, instructing them to continue deliberating to try to reach a verdict.
However, hours later, the jury returned another note that indicated it remained unable to reach a verdict on those counts. The counts pertained to three of the investor wire fraud charges.
The verdict comes after a trial that spanned over three months at a federal courthouse in San Jose. More than 30 witnesses testified during the trial, culminating with Holmes, who took the stand for seven days in her own defense. Holmes' case marked a rare criminal fraud trial of a Silicon Valley entrepreneur. Jurors were tasked with determining whether Holmes was a well-meaning founder who made mistakes as she built her startup, as her defense posited, or whether she intentionally deceived investors and patients in order to help herself and her company succeed, as federal prosecutors alleged.
Elizabeth Holmes is kissed on her head by her father in federal court in San Jose, California, on January 3, While Holmes was the one on trial, the outcome of her case could serve as a cautionary tale for others in Silicon Valley. George Demos, a former Securities and Exchange Commission prosecutor and adjunct law professor at the UC Davis School of Law, called the verdict "a significant win for the government and sends a powerful signal to Silicon Valley that fraud cannot masquerade as innovation.
While much of Silicon Valley has tried to distance itself from Theranos for a variety of reasons, including that the startup was a medical device manufacturer, the power and control Holmes wielded over Theranos had all the trappings of a tech company, O'Mara said. The rise and fall of Elizabeth Holmes. Holmes, now 37, started Theranos in at the age of 19 and soon thereafter dropped out of Stanford to pursue it full-time. After a decade under the radar, Holmes began courting the press with claims that Theranos had invented technology that could accurately and reliably test for a range of conditions using just a few drops of blood taken from a finger prick.
The unveiling coincided with the company's announcement in of a major retail partnership with Walgreens. She was lauded on magazine covers, frequently wearing a signature black turtleneck that invited comparisons to the late Apple CEO.
She has not worn that look in the courtroom. Elizabeth Holmes during an interview in September O'Mara said Holmes was particularly beloved by the media as an intrepid entrepreneur working on a product that aimed to make the world better -- and a rare female founder at that. But the dominoes started to fall after a Wall Street Journal investigation in found the company had only ever performed roughly a dozen of the hundreds of tests it offered using its proprietary blood testing device, and with questionable accuracy.
Instead, Theranos was relying on third-party manufactured devices from traditional blood testing companies. In , Theranos voided two years of blood test results. In , Holmes and Theranos settled " massive fraud" charges with the Securities and Exchange Commission, but did not admit to or deny any of the allegations as part of the deal. Theranos dissolved soon after.
The scene inside and outside the courtroom. First indicted in , Holmes' trial was delayed by the pandemic and the birth of her child. But public interest in Holmes has remained strong since then, with documentaries, podcasts, an upcoming TV miniseries and a planned feature film.
That fascination was apparent outside the courtroom. I gave him my time and in return, he gave me his all, despite my shortcomings as a trainer and handler. Field Placements and Awards. For viewing on a mobile device, please tap the pedigree below to open in a viewer window.
The last few days were warm and many were hoping for some cool weather. When the sun came over the hill, it was still in the high 30's and the shorts-wearing crowd were re-thinking the strategy. The heavy dew and cool temps were perfect for a field trial, and then a light breeze came up, making the scenting even more outstanding.
We drew the trial at and braces started immediately after that, with Ed Murdock and Sugar and Randy Schultz and Cap leaving the line at
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