All Rights Reserved. That young women entrepreneurs are regrettably denied access to, but she made that. Prosecutors just released text messages . Theranos founder Elizabeth Holmes and the companys president Ramesh Sunny Balwani exchanged intimate text messages that offer a rare look inside their once-secret romantic relationship. S1: Im really struck by the fact that all of these board members and investors, many of them never had to pay the piper or own up for for their part in promoting Elizabeth Holmes and her lies. Murdoch declined. But what was it then? Now, Ive talked to a number of legal experts who believe that that type of defense, a mental disease or defect, can really backfire with a jury. And Mr. Downey suggests she did not go to that, it came to her. The text could also be used as evidence in front of the jury. They have both pleaded not guilty. Such messages could undercut a defense Ms. Holmes's lawyers said they may raise, alleging the pair were in an abusive relationship that left her under Mr. Balwani's control during the time of the alleged fraud conspiracy. You'll recall the wonderful innovation of those two individuals in that small garage in Palo Alto. I know what you are thinking and going thru. And as we've read and we've heard, we have heard evidence and we have heard other individuals testify in the trial as to various reasons how they came to know her and how they came to believe her statements, and believe the product that she was selling that we know, we know from the testimony of 29 witnesses, was not working. So failure is not uncommon, and you should recognize that, they suggest. S1: The defense is sort of multipronged, but really central to it is this issue of a missing database. hide caption. Dozens of text messages between Holmes and her ex-boyfriend (and ex-business partner) Sunny Balwani were read aloud during Holmes trial for fraud this week. At the end of the day, though, and I have talked to a lot of legal experts on this. She is famous in the tech industry for her annual Internet Trends report, a presentation of dozens of slides covering the hottest trends for investors. Holmes' direct examination by her lawyer concluded on Monday . Holmes responded: "I thought so.". S2: be right. Copyright 2023 NBCUniversal Media, LLC. ), but we all also dont need a full courtroom to know. Once the company was dissolved, wiped its servers, the database is gone. "Sunny Balwani: "We need to stay focused and vigilant. Having to minimize upcoming plans to make yourself seem hardworking? hide caption. On Tuesday, as a rapt courtroom watched on, a clip of that interview was played for the jury. I'm a native. The court will adopt the recommendations of supervised release as indicated in the PSR. Those letter writers did not condone misrepresentations, manipulation. Budget & Performance; Careers; Commission Votes; Contact; Contracts; Data Resources; Transparency. S3: Otherwise, Theranos founder, Elizabeth Holmes, has now officially been indicted on federal wire fraud charges. The prosecution sought to emphasize in Holmes' fifth day of testimony that her attempts since the start of the trial to shift blame on Balwani and other Theranos employees is not a sufficient defense, since she was the company's chief executive. Some of the messages talked about problems with the blood testing technology, which might help prosecutors show that Holmes knew that they didnt work as advertised. Holmes' trial began last month. The conclusion came roughly four months after testimony began, and. She had recovered. However, if it was revealed to them what this jury heard and of the conduct that was engaged in, I am quite confident they would not, they would not condone that. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. Sherry, I accurate the woman I mentioned. We see stories of fraud in in both sets. Elizabeth Holmes Transcript. And she created this and immersed herself forward.People gravitated towards her idea. She has been subpoenaed to testify. Holmes is currently on trial and accused of defrauding Theranos Inc investors of hundreds of millions of dollars. The question is now, how is the jury going to respond to the evidence of individuals coming forward and saying, heres my story. They also reveal that Holmes told Balwani about courting high-profile investors who ended up giving Theranos hundreds of millions of dollars. S1: But that doesnt seem to have changed. Holmes became Americas youngest self-made billionaire after dropping out of Stanford University and founding Theranos. The trials outcome hinges on proving Holmes intentions, showing what Holmes knew, and pinpointing when she knew it, Hagan said. Holmes is currently on trial and accused of defrauding Theranos Inc investors of hundreds of millions of dollars. She surrounded herself with people who were very powerful, but not necessarily people who were attuned to the work that she was specifically doing. This copy is for your personal, non-commercial use only. We could never access the data. Its a crime on Main Street, and its a crime in Silicon Valley.. Well get them, Holmes responded. They really do rely on it. That same month, Holmes texted Balwani: "Just finished calls. One of the claims in the Journal report was that of the 240 blood tests Theranos offered, just about 15 were being processed using the company's proprietary device known as the Edison. There was one letter I wrote the quote down. We are edited by Torie Bosch and Allison Benedict. Have a great weekend and thanks for listening. And I know about all of the good things that the individuals said about Ms. Holmes, and I respect that, and it's to the court. they couldn't do that. Other text messages showed Holmes expressed concern that a Wall Street Journal reporter was showing up to see the lab. I think the key question is, is Elizabeth herself going to testify at her trial? And what kind of shape jury deliberations take may hinge on just how credible Holmes comes across from the witness stand. And on a little side street in Palo Alto in a little wooden garage, a single car garage, we know the history. Revealing these text messages was part of the prosecution's efforts to show that Holmes knew what was going on at Theranos even as things were falling apart. And I want to recommend you take a moment and go back and listen to Tuesdays episode of What Next. "Nothing is real any more," Holmes told the jury in her federal fraud trial she recalled thinking back in 2016. It's not folklore. And Ocean, the texts continued. But the guys bought everything non refundable. He represents many who find themselves disproportionately insinuated into the criminal justice system because of poverty, lack of education, opportunity for family support, and his work exposes the inequities of the treatment of many in our criminal justice system. Holmes trial resumed Tuesday with more testimony from prosecutors first witness, So Han Spivey. She faces up to 20 years in prison and has pleaded not guilty. The private messages, nearly 600 pages' worth, span from June 2011 to July 2016. In this matter, the court is going to impose a sentence that the court finds is sufficient but not greater than necessary, to comply with the purposes set forth in 18 United States code section 3553. The issue there is the SCC depositions which Elizabeth conducted in twenty seventeen in in the depositions. Attorneys for Holmes did not respond to CNBC's request for comment. And she will also have three individuals in the courtroom with her family and or friends who will be at her side. So which which Elizabeth are we going to see at trial? Trying your hardest and coming up short is not a crime, defense attorney Lance Wade told the jury. Maya Angelou," Holmes said in an April 2016 text. A few minutes later in the same text chain Holmes messaged Balwani: "Rupert over 100," referring to media mogul Rupert Murdoch who is among the high-profile investors in Theranos. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. In that case, you would anticipate you would see some kind of control issues at work. "There are many things I wish I did differently," Holmes told the jury. You will learn that Mr. Balwani did not take well to people who disagreed with him,Wade said. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. S2: It was one of those things where, huh, this just it it doesnt fully line up. "Private security?" This is a case about fraud about lying and cheating to get money, Robert Leach, a member of the prosecution team, told jurors at the start of his opening statement. Prosecutors in Elizabeth Holmes' fraud trial have released more text messages between the Theranos founder and Ramesh "Sunny" Balwani, her ex and the company's former president and COO, offering a . Sherry has a week of her life where she believes based on a Theranos test. "Ditto times a million," Holmes replied. 2023 CNBC LLC. pdf elizabeth-holmes-transcript-2017_0.pdf (88.43 MB) Modified: July 21, 2022 STAY CONNECTED 1 Twitter 2 Facebook 3 RSS 4 YouTube 6 LinkedIn 8 Email Updates. "Ultimately, all roads lead to the CEO?" Put your money with them. Plan, focus, stay organized and stay in control. transcript. S5: People dont like big needles being stuck into their arm, you know. We are lazy and disorganized. Thanks for contacting us. Murdoch invested $125 million in the company. During opening statements last week, her defense team told the jury that Holmes was on a quest to revolutionize healthcare. CNBC has obtained nearly 600 pages of private text and Skype messages between former Theranos CEO Elizabeth Holmes and her then-boyfriend Sunny Balwani. S2: Well, I think, look, every any PR person that youre going to talk to you is going to tell you to stay on message. It didn't work. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. A criminal fraud trial for Silicon Valleys former golden girl is underway. She had three former cabinet secretaries on her board. SAN JOSE, Calif. (KRON) What did Elizabeth Holmes and Ramesh Sunny Balwani say to each other when they thought no one else was listening? Juries are far less likely to buy into the idea of insanity or somebody doing something not in their right mind, particularly when its a series of events over the course of many years versus a, you know, a one time breaking point. All rights reserved. Problems inside Theranos were first revealed in October 2015 by then Wall Street Journal reporter John Carreyrou. What was the elevator pitch for Theranos and why do you think it was so appealing? If very high-profile public trials like this one can be a deterrent against other people committing crimes like the ones Holmes is accused of, this one is working. S2: I was afraid of needles. Revealing these text messages was part of the prosecution's . We know that this valley at one time from the rich earth here supported the world. NBC Bay Areas Raj Mathai speaks with Business and Tech Reporter Scott Budman and Criminal Defense Attorney Paula Canny about the latest in the Theranos trial -- text message revelations. So there is I think theres a reverse engineering there that might have gone on for her, that its like the most basic things that a person could copy that suddenly in her mind made her the equivalent of a Steve Jobs and also in the mind of the press. To be clear, plenty of the missives included in the trial are things the prosecution might be able to use to try and prove she was guilty. It might seem like a slam dunk case for the . They did not respond. Well get them, Holmes texted Balwani on May 13, 2015 after a lab gave her company a bad review. We dont know a lot about this approach yet, but court documents hint at it. The exchanges happened just as Holmes was facing questions from the Wall Street Journal, which was preparing an explosive story alleging that Theranos was overstating the capabilities of its technology. Elizabeth Holmes Trial: A whistleblower and ex-Theranos employee, Erika Cheung, will be a key witness. I asked a friend what she would do if that happened to her. The employee recalled that time period as an incredibly difficult one at the company with high-profile exits including the sudden departure of lab director Adam Rosendorff. S1: Back in 2013, ABC News correspondent Rebecca Jarvis was working on a story about high medical costs.
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