Welcome to the first news edition of “Your Three Minute Lawyer,” featuring Enrique Latoison, one of the leading criminal defense lawyers in Delaware County. Today, we dive into the intriguing case of Elizabeth Holmes and the downfall of Theranos. As we journey through this captivating case, we’ll touch on various aspects of criminal law, including the intricacies of probation and parole. Join us as we unravel the complexities of this high-profile case, offering insights into the world of criminal defense.
I’m Enrique Latoison. This video is brought to you by Commentary Creations. I am your three-minute lawyer. Today, we commence our series of current news editions, and we’ll be discussing Elizabeth Holmes. Now, everyone is familiar with this case. Several fascinating movies have been made about it. I’ve watched a few, and they’re quite intriguing. In fact, there’s a miniseries currently airing about it. We’re talking about Theranos’ Elizabeth Holmes, the woman once dubbed the next Steve Jobs, recognized for her signature black turtleneck.
So, what is this case about? When she was 19 years old, Holmes dropped out of college and eventually founded her own company, Theranos. Up until that point, to get blood test results, one had to give a vial of blood that would be sent to a lab and undergo numerous tests. However, Elizabeth Holmes and her company set a new precedent with a machine called the Edison Machine. She claimed that just one drop of blood inserted into the machine would reveal all the necessary medical information.
However, if something seems too good to be true, often, it is not.
In this particular case, the machine never worked. Despite this, Holmes, as the CEO of Theranos, managed to raise funds almost amounting to a billion dollars, only for this to turn out to be a fraud.
This eventually led to a trial. The trial lasted about a month, with numerous witnesses testifying. Holmes attempted to distance herself from the actual happenings within her company. Regrettably, her past words and actions contradicted her claims. To sustain the fraud, she had maintained that the machine was operational. Interestingly, when people came to test the machine, the blood samples were actually sent to a different lab, and the reports were prepared there. Consequently, she was found guilty and, just last week, was sentenced to eleven years and three months.
One question frequently asked is about parole. The federal system does not offer parole. In fact, one has to serve up to 85% of the sentence for good behavior. In Holmes’ case, that amounts to a little over nine years with good behavior, after calculations.
The judge requested that she be sent to a minimum security facility, as she’s currently pregnant and about to have a baby. While it won’t be a maximum-security facility for dangerous criminals, it is still jail, and jail is jail.
What do we learn from all this? Like with Bernie Madoff, some of these frauds seem too good to be true. When something appears too good to be true, it usually isn’t. These individuals end up being convicted. In Holmes’ case, she faces nine years, three months with good behavior, while being pregnant and expecting a child.
Her co-defendant has also been convicted, and sentencing is pending.
I’m Enrique Latoison, sponsored by Commentary Creations, your three-minute lawyer. Thank you.
Contact Enrique Latoison
(610) 999-1439