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Prosecutors allege Theranos fraud contributed to Elizabeth Holmes’ lifestyle



Billionaire Elizabeth Holmes, the founder and CEO of Theranos Inc., leaves. Christian Holmes attends a state banquet hosted by US President Barack Obama and US First Lady Michelle Obama at the White House in Washington DC , In memory of Japanese Prime Minister Shinzo Abe. , Washington, DC, USA, Tuesday, April 28, 2015.

Andrew Haller | Bloomberg | Getty Images

The prosecutor is depicting what the public sees: a billionaire entrepreneur wearing a designer black turtleneck sweater while passing by world leaders.

But according to the government, like the Hall of Mirrors at the carnival, this is all fantasy.

Prosecutors wrote in a motion in court on Friday night that Elizabeth Holmes intends to use Theranos as a “tool to improve her personal situation.”

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The government said: “The causal relationship between the defendant’s fraud and the interests involved is very strong.”

Both Holmes and her chief operating officer Ramesh “Sunny” Balwani face more than a dozen wire fraud charges, and if convicted, they will be sentenced to up to 20 years in prison.

As the chief executive officer of Theranos, the prosecutor said that Holmes lived a luxurious lifestyle, which included “traveling on a private jet, staying in luxury hotels and traveling with multiple assistants.”

The government said in a document: “Although the defendant’s assistant was an employee of the company, she handled a series of non-commercial tasks for the defendant, including personal clothing and jewelry shopping, home decoration, food and grocery store purchases and other items.”

The government’s motion is a response to Holmes’ lawyers’ efforts to prevent the jury from hearing details about her jet lifestyle.

The government intends to provide evidence that the alleged fraud by Theranos is directly related to the money and fame obtained by Theranos CEO.

The prosecutor wrote that Holmes was “an object of admiration by the local and national business circles, and appeared in many publications and television. She has connections with influential people including politicians and business leaders. Evidence in trial It shows that these benefits are meaningful to the defendant. She closely monitors the Daily News to cultivate her image.”

Holmes is the darling of Silicon Valley, attracting more than $700 million in investor funds.

The prosecutor wrote: “In addition to the tangible benefits obtained from fraud, she has also received great attention from the media, business leaders and politicians.”

The motion took place the same evening, and Holmes’ lawyers claimed that the company she had closed down was the same as any other Silicon Valley startup that tried to become famous.

The court document stated that the U.S. government “requested an order to be immune from defense so as not to “focus on the culture of Silicon Valley startups, arguing that founders in this field often exaggerate and make major commitments to attract the attention of their companies. Attract funding. “Said by Sherlock Holmes.

Her lawyer argued that evidence related to Silicon Valley’s start-up corporate culture may be related to the case: “For example, the government intends to provide evidence to prove certain practices that the government allegedly created a culture of “secrecy” in Theranos. Prove that Holmes The lady concealed the alleged fraud.”

“Although Ms. Holmes has taken action to exclude such evidence, if admitted, Ms. Holmes can certainly provide evidence that other Silicon Valley start-ups have adopted similar practices, and the people in Celanos are also aware of these practices.”

Holmes will face her fate in July. In her appearance on Zoom, she sometimes seemed a little unhappy, which was in stark contrast to the images she had projected onto the world.


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