Fallen biotech star Elizabeth Holmes's fraud trial opened Wednesday in California, with prosecutors claiming she told grandiose lies to cheat investors in her once-billion-dollar company, as her defence said she simply made mistakes. "Theranos failed in part because it made mistakes, but mistakes are not crimes. She and Balwani, the former Theranos chief operating officer whom she dated for a time, are charged with conspiring to scam Theranos investors and customers. And, say prosecutors, Holmes knew it, yet continued to lie to investors, doctors and patients so she could raise more than US$700mil (RM2.9bil) for the company. In 2018, the Securities and Exchange Commission presented the Theranos case as a lesson for Silicon Valley, a warning against the "fake it till you make it" culture.

Source: The Star September 09, 2021 00:45 UTC