Prosecutors rest their case against Theranos founder Elizabeth Holmes



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Prosecutors rest their case against Theranos founder Elizabeth Holmes

On Thursday, prosecutors had concluded their hearing on criminal fraud cases against Theranos founder Elizabeth Holmes, who once was contemplated as the ‘Steve Jobs of biotech’ due to her revolutionary blood testing start-up, valuation of which once had hit as many as $9 billion.

Theranos was founded by Holmes at the age of 19 back in the 2003s, though, she is currently facing off nine wire frauds alongside two conspiracy cases, however, Holmes pleaded not guilty. In tandem, it still remained obscure on whether the former Silicon Valley executive would testify on her own defence.

Prosecutors rest their trial against Theranos founded Holmes

Over past two months, the jury board in a district court in San Jose, California, had heard testimony of dozens of witnesses that included investors alongside patients, who had claimed to be deceived by Holmes and Theranos.

Nevertheless, Holmes, who might already be preparing for a long prison term, would be allowed an opportunity to present her own witnesses, though it is not mandatory. Holmes, who once had been the world’s youngest female billionaire entrepreneur, had been turned down by a series of Wall Street Journal articles published on 2015 indicting Holmes' blood testing devices were flawed and inaccurate.

Nonetheless, shortly after the release of Wall Street Journal reports, Holmes’ fortunes decayed and she was accused of multiple fraud cases including false claims about Theranos that it could conduct blood test more precisely and quickly than conventional methods.

However, a court filing had revealed on a September 8 trial that Holmes had claimed to be psychologically abused by her then-boyfriend and the now-defunct Theranos’ ex-CFO (Chief Operating Officer) Ramesh ‘Sunny Balwani,’ when her company was supposed to innovate technology.

It is expected Holmes’ defence team would more likely to play by an identical plot that Holmes’ boyfriend took charge of the office and R&D (Research & Development) while she was psychologically unstable, suggested sources.