From having a secure place in the "Olympus" of Silicon Valley to facing 20 years in prison for fraud
Finally began the judicial drama that captures the eyes of the United States and the entire world.
Silicon Valley is the technology capital of the world. The gigantic companies of the digital world and innovation make life in this area located in southern California, in the United States. And if we had to choose the "gods" of this "Olympus" species, the names of Steve Jobs and Bill Gates would surely top the list. But other candidates would also be added such as Jeff Bezos, Elon Musk, Mark Zuckerberg, Marisa Mayer, Jack Dorsey himself and for some time Elizabeth Holmes was considered.
This 37-year-old girl had a guaranteed place; she was a true biotech celebrity. However, today she faces a trial for which she could be sentenced to 20 years in prison. So, here's how a wonderfully brilliant mind went from having a secure spot among the tech greats to possibly wearing orange for the next two decades. What will be her fate? Nobody knows. But this September 8, the judicial drama that captures the eyes of the United States and the entire world began.
A brilliant mind
To understand the magnitude of what she faces, it is necessary to know the path of Elizabeth Holmes; at least the technological entrepreneur path that she began to travel back in 2003, when she was barely 19 years old. As several biographical publications have pointed out, she left an empty seat in the classrooms of the chemical engineering school at Stanford University to pursue her own business, a company called Theranos.
This small company, which later evolved into a majestic corporation, offered (in theory) an amazing biotechnology. It performed blood tests, without the need for a syringe or needle; in addition to not requiring the conventional amounts of the red liquid.
iProfessional Review that the idea of Elizabeth Holmes stems from her early interest in studying medicine and her rapid decline in approaching this professional area, due to her fear of needles. So, she began to develop a project in which, with simple drops of blood, she could diagnose cancer, cholesterol levels or diabetes. In fact, one of her projects caught the attention and authorization of the United States Food and Drug Administration (FDA). It was a test that, with a puncture, would have been able to detect herpes in its first phase.
Little by little, these projects called for small investors and the small company went from a small basement to having hundreds of employees. Likewise, the funds grew and Elizabeth Holmes, together with her advisers and partners, began to amass a juicy fortune.
The rise of Elizabeth Holmes and Theranos
Faced with the innovative ideas of the biotechnology startup, the venture did nothing but grow and reach important partnerships with renowned laboratories. In 2009 a key man in history, Ramesh Balwani joins the company. Said character is a hinge in development, because he entered as Holmes's right hand and later it was confirmed that both had a romantic relationship.
In 2013, as reported by CNN, the company partnered with Walgreens. Together they opened the first branch of the Theranos Wellness Center, a place where patients could go to test the surprising and innovative method. Added to this were other minority investors who saw a great business opportunity and contributions to technology for global medicine.
The barrage of trouble
After living sweet moments, Theranos and Elizabeth began to suffer a whole barrage of problems that began in 2015 and have not stopped. After 2014 Forbes listed Holmes as one of the world's billionaire women, with a personal wealth estimated at USD $4.5 billion, she now faces a trial that could land her in jail for 20 years.
The pyramid began to collapse after an investigation by The Wall Street Journal. In a specialized journalistic note, it was detailed that the Theranos company, among other things, did not carry out the blood test with the small drops that they offered. The inconsistencies in the results they obtained made them go for conventional amounts of patients, in order to deliver accurate and real results. Said action, in addition, was denounced by the same workers of the company.
In the same year the FDA published reports in which they expressed about 14 concerns on the laboratory's methods of action. From then on Theranos lived: loss of association with Walgreens, authorization to work in the US laboratory industry, wealth value of the company and Holmes staff, lawsuits from various investors, and the recent accusations by the government. American, in 2018.
A trial for Elizabeth Holmes and another for her ex-partner
CNN explains that Elizabeth Holmes and her ex-partner Ramesh Balwani were charged with "massive fraud." The accusations came from the Securities and Exchange Commission (SEC). In addition, they were also indicted on federal charges for "criminal fraud."
As can be seen in the documents that were made public, both Holmes and Balwani allegedly had a plan to deceive doctors and patients.
Both have pleaded not guilty and had to pay half a million dollars bail to await trial at home. However, different procedural and judicial situations and the pregnancy (with subsequent delivery) of Elizabeth Holmes have delayed the legal battle until September 2021.
In this first episode, of a story that probably lasts about 13 weeks, Holmes pleaded not guilty. One of the strategies of the technology excellence legal team is that she allegedly had been the victim of an abusive relationship by Balwani. This, of course, caused the judicial paths to eventually part.
For now, Holmes' trial began this Wednesday, September 8. And until the end, when the lawyer pronounces a sentence, the outcome of this new judicial and media drama that takes place in the United States will not be known.
The story of the resounding fall has a couple of documentaries and a movie that should be released in 2022, starring Jennifer Lawrence.
