Elizabeth Holmes was once considered the famous chief executive officer of the company named Theranos. After running successfully for years, the company began defaulting. Not only this but also she was prosecuted in a court of law as a defaulter and was asked by the court to clear off her debts as soon as possible.
But it seems like she is now introducing herself as the scapegoat of Silicon Valley. The latter gave up on the business to become a loving mother and, of course, to avoid the long imprisonment sentence pronounced against her for defrauding the creditors.
Her lawyers have been fighting on her behalf before the court to convince them to avoid sending her to prison. This was probably because she was already traumatized by the media trial, and at the same time, she had experienced enough mocking and vilification in the corporate industry.
What Is The Crime That Elizabeth Holmes Committed?
She would be subjected to prison for 18 months. But this is the minimum sentence that would be awarded against her in one trial in the light of four trials already continuing against her. The prosecution is also trying its best to get her behind bars for the longest time.
It is difficult to consider for the time being that at the age of 19, only she could raise one billion dollars from investors based on fake and bogus promises. She was also in the position to develop a device that could cure different types of infections and diseases inside the human body just with the help of a single blood drop taken from the body.
It was able to bring revolution to the medical industry. But the product was not recognized for a very long period because the results were false and unreliable. Most people who took the test exposed themselves to a greater risk of consuming the wrong medicine. Many cases were filed against her on account of tampering with public health. Elizabeth Holmes was jailed for a minimum period of two months in this regard.
But this was not the only incident in which she was prosecuted. She has been one of the most important personalities who has played a Pivotal role in the growth of White collar crimes. Due to her company’s reported losses, she could not pay back the debts of the banks and the financial institution. She declared herself bankrupt. But now she is being portrayed as a fraudster who is probably unwilling to return the money.
The Defense Filed By The Lawyers
Her lawyers are trying their level best to get her out of jail. An attempt is being made to vouch for exemptions. It is being argued that she has got no criminal history for the time being. She has always respected her professional commitments and owing to unforeseen circumstances, she could not return the money.
She is also a mother to a one-year-old son, and it will be impossible for the baby to sustain without a mother at such a young age. It is practically difficult for the court to prosecute her with a sentence in light of these possibilities.
The loss that Silicon Valley has reported due to her fraud cannot be computed in numerical terms. Elizabeth Holmes has crossed all the limits and even impacted every MacroEconomic aggregate. In light of this incident, it will be interesting to watch how the case unfolds itself with time. This is going to be a strategic and important judgment with respect to the prosecution of White collar crime.