January 28, 2022

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Elizabeth Holmes Trial Nears End as Closing Arguments Finish

Elizabeth Holmes Trial Nears Finish as Closing Arguments End

Closing arguments in the fraud trial of Elizabeth Holmes had been anticipated to complete on Friday, inching the monthslong saga nearer to a verdict.

Ms. Holmes, who based the blood testing start-up Theranos, is on trial for fleecing traders out of tons of of thousands and thousands of {dollars} and deceptive sufferers and docs. Theranos rose to prominence, hitting a $9 billion valuation, earlier than collapsing in 2018 after it was revealed that the corporate’s blood exams didn’t work as Ms. Holmes had claimed.

After closing arguments are accomplished and jury directions are given, jurors — eight males and 4 ladies — will start deliberating whether or not Ms. Holmes dedicated 11 counts of wire fraud and conspiracy to commit wire fraud. Ms. Holmes has pleaded not responsible. If convicted, she faces as much as 20 years in jail, which might ship shock waves via the freewheeling world of Silicon Valley start-ups.

On Thursday, prosecutors summarized greater than three months of testimony of their closing arguments whereas rebutting some factors made by Ms. Holmes’s legal professionals. The federal government didn’t disagree with Ms. Holmes’s level that enterprise failure, by itself, was not against the law, mentioned Jeffrey Schenk, an assistant U.S. lawyer and a lead prosecutor on the case. However when Theranos was operating out of cash in 2009 and 2010, “she selected fraud over enterprise failure,” he mentioned.

Mr. Schenk additionally addressed Ms. Holmes’s accusations of abuse towards her former enterprise accomplice and boyfriend, Ramesh Balwani, generally known as Sunny. Ms. Holmes’s emotional testimony concerning the abusive and domineering nature of their relationship was a separate subject from the fraud case, Ms. Schenk mentioned.

“The case is about false statements made to traders and false statements made to sufferers,” he mentioned. “You don’t want to query whether or not that abuse occurred.”

Kevin Downey, a lawyer for Ms. Holmes, additionally delivered the primary two hours of her remaining protection by reiterating a key level her camp has repeatedly made: The scenario is way extra sophisticated than prosecutors have made it out to be.

Mr. Downey gave examples of cases the place, he argued, the federal government’s proof didn’t current the complete story. A number of slides referred to “lacking witnesses” who weren’t referred to as by the federal government and others parsed the intricacies of Ms. Holmes’s understanding of the phrase “accuracy.”

“The federal government is displaying an occasion that appears dangerous, however on the finish of the day, when all of the proof flows collectively, it isn’t so dangerous,” Mr. Downey mentioned.

Whereas injecting a stage of confusion into the federal government’s narrative, Mr. Downey additionally harassed that jurors should be sure to convict. He confirmed a picture of a staircase with eight steps main as much as “past an inexpensive doubt,” which jurors should attain to ship a responsible verdict. The highest step, which represented guilt, was not labeled.

The proceedings on Friday had been anticipated to start with additional statements from Mr. Downey, adopted by detailed jury directions delivered by Choose Edward Davila of the Northern District of California.

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