Elizabeth Holmes, founder of Theranos Inc., and husband Billy Evans exit federal court in San Jose, California, on Sept. 8. Holmes, 37, faces a dozen fraud and conspiracy counts that could send her to prison for as long as 20 years if she is convicted. Photo: David Odisho/Bloomberg
Prosecutors on Wednesday told jurors the story of Theranos founder Elizabeth Holmes is one of a billionaire “lying and cheating to get money” for her failing blood-testing company—a story that began in 2009, when the famed executive was “out of time and out of money.”
During opening statements in Holmes’ criminal wire fraud trial in San Jose, a U.S. Department of Justice attorney claimed that Holmes amassed “fortune, fame and adoration” as she misrepresented the accuracy and reliability of the company’s blood-testing technology, its governmental contracts and endorsements from pharmaceutical companies.
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