Theranos founder's fraud trial opens in Silicon Valley - NewsBreak

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By Tarikul in Business
Updated 3 years ago

Fallen biotech star Elizabeth Holmes's fraud trial opened Wednesday in California, with prosecutors claiming she told grandiose lies about her once-billion-dollar blood testing company to cheat investors as her defense said she had simply made mistakes. When she launched the diagnostics firm Theranos in 2003 at age 19, the charismatic Holmes promised results that were faster and cheaper than traditional laboratories, running an analytical gamut on just a few drops of blood. Trouble is, prosecutors say, the tests did not do what was promised and she now faces fraud charges that potentially carry decades in prison. "This is a case about lying and cheating to get money," federal prosecutor Robert Leach told jurors during his opening arguments in the heart of Silicon Valley, the city of San Jose.

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