In our September blog, “Elizabeth Homes: Defense Strategies for a Former Girlboss,” we covered the life and legacy of Theranos founder Elizabeth Holmes. We discussed the charges against her and her attorney’s strategy going into her upcoming trial. Now, Elizabeth is taking the stand as a witness in her own fraud trial. Here’s what you should know.
The Holmes Defense Strategy: Recap
Elizabeth Holmes stands charged with fraud. Her company, Theranos, was a medical research company that promised to make single-prick blood testing machines that would make examination easier for patients with chronic health conditions.
It was later discovered that the research laboratories hit a wall and failed to produce the machines within the promised period. Not only that, but Holmes lied to investors and the media to cover up the company’s failings and keep the cash flow going.
Holmes’ defense team is taking a unique approach to this case. Instead of attempting to prove that she was simply unaware of the company’s failure, her attorneys are taking a new approach: proving that she was the victim of an abusive-partner relationship with business partner Sunny Balwani.
This isn’t exactly an insanity plea, but this strategy relies heavily on the idea that Holmes was a victim of abuse and was strongarmed into doing fraudulent things against her will. The point of this approach is not to deny her involvement but to show that there was no criminal intent behind her actions.
When a Girlboss Takes the Stand
Holmes took the stand in her own defense and revealed several shocking details related to her case. She told the court that she included the Pfizer and Schering-Plough letterhead on documents to appeal to investors.
This is a significant development as it proves that she defrauded investors with the intent to deceive them. Holmes says she regrets the decision to forge reports, but whether or not Balwani coerced her has yet to be seen.
What’s Next for Holmes?
Elizabeth Holmes will retake the stand to give her testimony, but her case will soon be turned over to the prosecution. After Holmes completes her testimony and questioning by the defense, she will face cross-examination by federal prosecutors.
Whether the defense’s strategy is successful has yet to be seen, but if there are any weak points, the prosecutors will snuff them out. Holmes faces prison time, but there’s also potential for her sentence to be reduced if her attorneys successfully convince the jury that she was the victim of psychological and emotional abuse.
For now, all Holmes, her attorneys, and the public can do is wait. The Draskovich Law Group will continue to follow this case as it develops.