A businessman accused of defrauding investors of millions of dollars with fake blood tests shocked American courts by testifying in his defense. Elizabeth Holmes has been accused from making false claims about her company Theranos, including the fact that its technology can detect disease with a drop of blood.
Ms. Holmes, 37 year, faces multiple charges of fraud and could spend years in prison if convicted. He denies doing anything wrong. At its peak, the company was worth $9 billion (£6.5 billion). Ms. Holmes took up the position, saying that his work at Theranos made him believe in the company’s technology.
He explains how he started the company after leaving Stanford University and how his team has made real technological breakthroughs. We’ve been working with teams of scientists and engineers for years to miniaturize all the technology in the lab,” he told the jury.
During the two-month trial, the California jury heard testimony from more than two dozen prosecution witnesses.
This includes patients and investors Holmes claims were conned. Ms. Holmes gained notoriety in 2013 for a technology that he claims can test for many diseases with just a few drops of blood from a finger prick.
It attracted senior investors, including Rupert Murdoch, but in 2015 a whistleblower revealed that the tests were unsuccessful and the billionaire fell out of favor. In 2018 Theranos collapsed amid one of the biggest corporate scandals in recent US history. Ms. Holmes pleaded not guilty to nine cases of wire transfer fraud and two counts of conspiracy.
His lawyer said he did not want to cheat but “naively” downplayed the challenges his company faced. The process, which started in September, is expected to last until next month.