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Theranos Founder Elizabeth Holmes to Face Trial Next Year on Fraud Charges

Accepted submission by upstart at 2019-06-29 03:16:32
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Submitted via IRC for Bytram

Theranos Founder Elizabeth Holmes to Face Trial Next Year on Fraud Charges [wsj.com]

“Restrain your enthusiasm, please,” Judge Davila said to the defense lawyers, who had lobbied for a later start date, citing the amount of documents they had to review and the challenges of gathering witnesses.

Ms. Holmes and Mr. Balwani, both of whom attended the hearing, each face up to 20 years in prison as well as fines of more than $2 million apiece and restitution to victims.

Theranos reached a valuation of $9 billion before the startup unraveled after a about its practices.

Federal prosecutors said they have already provided more than two million pages of evidence to the defense teams and that there is more to come.

Kevin Downey, a lawyer for Ms. Holmes, complained about the mounting evidence.

“I don’t even know what a gigabyte of data is. My guess is if you print it out it would fill up this entire room,” Mr. Downey said.

The defense continued to argue over what information should be made available, saying they don’t have fair access to documents from the Food and Drug Administration and the Centers for Medicare and Medicaid Services.

The Justice Department, which has been working with those agencies to arrange the transfer of documents, said it was caught in the middle and doesn’t have unfettered access to the materials defense attorneys had requested.

Judge Davila set another status hearing for July 17 for an update on the negotiations.


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