The defense has rested in Elizabeth Holmes' fraud trial, and closing arguments will begin next week
- The defense in
Elizabeth Holmes' fraud trialrested Wednesday after she testified for 7 days.
- The prosecution offered no rebuttal, and closing arguments will begin on Dec. 16.
Elizabeth Holmes' criminal fraud
Defense attorneys for the Theranos founder rested their case on Wednesday after Holmes finished her seventh day on the witness stand. The prosecution didn't have a rebuttal, and closing arguments are now scheduled to begin on Dec. 16.
Prosecutors had rested on Nov. 19 after having called 29 witnesses of their own over the course of 11 weeks. On the same day, the defense called its first witness, paralegal Trent Middleton from Williams & Connolly, the law firm representing Holmes. Middleton summarized evidence in the case before the defense moved on to its second witness, Fabrizio Bonanni, a former
The defense's case has relied heavily on testimony from Holmes herself, who was its third and final witness. In her time on the stand, Holmes has admitted to keeping Theranos' use of modified third-party devices a secret from investors and Walgreens, with which Theranos once had a contract. Holmes said company counsel had told her to hide this in order to protect trade secrets. In addition, Holmes admitted to adding Pfizer's logo without authorization to company validation reports that later played a key role in drawing investors.
Holmes also has testified that Ramesh "Sunny" Balwani, her ex-boyfriend and Theranos' former COO and president, abused her. She has recounted her efforts to kill the Wall Street Journal's 2015 investigation into Theranos and expressed her regret over Theranos' treatment of whistleblowers.
Holmes is charged with nine counts of wire fraud and two counts of conspiracy to commit wire fraud. She has pled not guilty. If convicted, for each count, she faces up to 20 years in prison, a fine of $250,000, and restitution to victims.
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