Courtroom Bombshell! Elizabeth Holmes Scammed DeVos Family Into Investing $100 Million In Theranos
Oct. 27 2021, Published 2:19 p.m. ET
Elizabeth Holmes is accused of giving false and misleading information to the family of former U.S. Education Secretary Betsy DeVos in an effort to dupe them into investing $100 million into the now-defunct company, Theranos.
Holmes is currently facing trial for allegedly scamming investors and patients about her company's blood-testing technology.
According to DeVos' family representative Lisa Peterson, who took the stand in Holmes ongoing criminal trial, the family initially planned to invest $50 million into Holmes' company but decided to double the amount after meeting her.
"She was inviting us to participate in this opportunity," Peterson testified on Tuesday. "They were telling us that it worked. We re-lied on what they told us."
Peterson said she was first directed to look into Theranos after receiving an email from one of her bosses who included a cover story of Holmes.
"This morning, I had one of the most interesting meetings I can recall with the woman profiled in the attached Fortune magazine article," the email read.
Peterson claimed that Holmes convinced the family with the project, saying, "This was going to be a game-changer for health care."
Holmes also reportedly told the family that the blood-testing device produced by her company could be used in places such as military helicopters and refugee camps. She reportedly said that they could run between 200 to 300 tests through the company's machines using only a tiny amount of blood. Peterson was intrigued by the presentation and of what it could potentially bring to the health care industry.