Question: could Holmes have avoided all of this by pivoting to something else and not losing investors money. It is extremely common for startups to exaggerate their tech just to later pivot to something else without any repercussions.
Elizabeth Holmes found guilty
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Re: Elizabeth Holmes found guilty
#102Re: Elizabeth Holmes found guilty
#103It has been definitively admitted. Now we see the vultures tearing this fraudster apart and you what?
That is good, and it is absolutely magnificent.
So who is next?
Re: Elizabeth Holmes found guilty
#104Some founders "fake it till you make it", and this news should serve as a cautionary tale.
Faking it doesn't work if you are committing fraud?
I think that's the key point here. Was Jucero fraud? I think there's a clear line between a) we have an idea for a product but we have certain limitations that are feasible to overcome, with more time and investment; versus b) we have a product, we're using it in the field, patients are using it, and it works great. In the first scenario, you could fake the dream but you're not promising something that you know to be absolutely false.
Re: Elizabeth Holmes found guilty
#105Re: Elizabeth Holmes found guilty
#106Earlier quoted context omitted.
Don't know all of the details behind each count, but glad to see this result, which seems good and fair. Basically, looks like the majority of "committing fraud against investors" charges were guilty, but the "committing fraud against patients ", which always seemed like more of a stretch to me, were not guilty.
I wonder if that was because they used other testing methods to check patient samples, so they patient got a result regardless of the means by which it was obtained.
NAL, but I believe the prosecution would need to prove damages.
If, like you said, the patients still got their results, the results were correct, and it was only how those results were obtained that lead to the patient fraud charges, then I think you maybe correct.
Again, I'm not a lawyer, so people should feel free to correct me if what I said was wrong.
Re: Elizabeth Holmes found guilty
#107Count one of conspiring to commit wire fraud against investors in Theranos between 2010 and 2015: Guilty. Count two of conspiring to commit wire fraud against patients who paid for Theranos’s blood testing services between 2013 and 2016: Not guilty. Count three of wire fraud in connection with a wire transfer of $99,990 on or about Dec. 30, 2013: No verdict. Count four of wire fraud in connection with a wire transfer…
These are big wins! Some huge sums up there. How many years is she looking at?
Technically 20 years per count, but realistically not too many. White collar crimes are anyways not punished very strictly, and she's a new mother on top of that. She'll negotiate a short term at some country club prison.
Re: Elizabeth Holmes found guilty
#108> Holmes was the poster child of Silicone Valley hubris Holmes was convicted of fraud, which is a crime. If hubris was a crime, the meek would inherit the earth, and Silicone Valley real estate would be affordable.
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Re: Elizabeth Holmes found guilty
#109Looking forward to JLaw's portrayal of Holmes in Adam McKay's Apple Studios adaptation of Bad Blood . Hope they pick up from where the book ended and cover this trial. https://variety.com/2021/film/news/jennifer-lawrence-elizabe...
JLaw?
Re: Elizabeth Holmes found guilty
#110Earlier quoted context omitted.
What are you talking about?
Count six of wire fraud in connection with a wire transfer of $38,336,632 on or about Feb. 6, 2014: Guilty. Count seven of wire fraud in connection with a wire transfer of $99,999,984 on or about Oct. 31, 2014:Guilty. Count eight of wire fraud in connection with a wire transfer of $5,999,997 on or about Oct. 31, 2014: Guilty.
The $38m one likely has to do with share count or funds.
Often shares will be split %-wise between two or more funds. I.e. 22.5% goes to XYZ Fund 1, 85.5% goes to XYZ Fund 2. These % can be super specific and make it so wires go down to the cent.