Theranos Jury Begins Deliberations in Elizabeth Holmes Fraud Trial
A California jury begins weighing three months of testimony to decide if Theranos founder Elizabeth Holmes committed wire fraud. Holmes faces up to 20 years in prison if convicted on all charges.
A 12-person jury begins deliberations to decide the fate of Theranos founder Elizabeth Holmes after three months of testimony from 32 witnesses. Judge Edward Davila finishes reading the legal instructions and hands the case over to the jury late Friday afternoon. Holmes faces up to 20 years in prison if convicted on nine counts of wire fraud and two counts of conspiracy to commit wire fraud.
Holmes' defense attorney, Kevin Downey, makes a final plea for a full acquittal, arguing that his client never intends to defraud investors. He emphasizes that Holmes dedicates her life to the company, gives up her Stanford education, and loses her youth trying to build a world-changing technology. Downey also points out that Holmes never sells her shares and goes down with the ship when the company fails.
The defense reminds the jury that Theranos raises $945 million over a decade from sophisticated investors who understand the speculative nature of new ventures. Downey acknowledges that people lose money but insists this represents a business failure rather than criminal intent. The jury now holds the responsibility of determining whether Holmes' actions constitute actual fraud.