Elizabeth Holmes has asked a judge to overturn her wire fraud convictions.
Holmes, pictured in “The Dropout,” was convicted of four fraud-related counts in January.
His lawyers said “no rational juror” could convict beyond a reasonable doubt based on the evidence.
Elizabeth Holmes pleaded with a judge to overturn her wire fraud conviction, with her attorney saying there was ‘not enough evidence’ for a ‘rational juror’ to convict, court documents show filed on Friday.
In a 24-page filing, lawyers for the Theranos founder targeted her conviction for wire fraud, arguing that the evidence provided did not constitute a guilty verdict.
“Because no rational juror could have found the elements of wire fraud and conspiracy to commit wire fraud beyond a reasonable doubt on this record, the Court should grant the motion for judgment to acquit Mrs. Holmes,” they said in the filing, which was first reported by Bloomberg.
Holmes was found guilty of four fraud charges in January related to investments made by hedge fund manager Brian Grossman, the DeVos family and former Cravath attorney Daniel Mosley.
She was acquitted on four other counts of wire fraud, while jurors were unable to rule on three other counts.
Holmes is due to be sentenced on September 26, with each count carrying a maximum prison sentence of 20 years and a fine of $250,000. She was charged alongside former Theranos chairman Ramesh “Sunny” Balwani, whose trial is ongoing.
In the latest filing, attorneys for Holmes said there was no evidence that Holmes and Balwani were conspiring to commit fraud against investors.
They wrote: “Even if Ms. Holmes committed wire fraud against an investor (she did not) and even if Mr. Balwani committed wire fraud against an investor, this does not prove a conspiracy agreement between them, nor that Mrs. Holmes voluntarily joined any agreement.”
Lawyers claimed that only one of the hundreds of texts shown to jurors related to representations by one investor: Rupert Murdoch.
“But, again, this message, offered through an authenticating witness unable to provide context, gives no indication that Mr. Balwani and Ms. Holmes were conspiring to defraud Mr. Murdoch,” they said.
Holmes dropped out of college at 19 to start Theranos, which attracted a $9 billion valuation at its peak. Her journey was portrayed in the Hulu drama “The Dropout” which starred Amanda Seyfried.
Theranos’ technology was found to be flawed, with a 2015 Wall Street Journal investigation by John Carreyrou triggering the company’s downfall and legal action from its biggest backers.
Holmes’ attorneys have argued that the number of investor frauds “relies heavily” on the testimony of whistleblower Erica Cheung, but that Cheung testified about Theranos earnings failures before Holmes promoted Theranos. a later version of its analyzers, the miniLab, with investors.
“The investors Theranos partnered with were focused on the company’s long-term goals and its ability to impact healthcare in the future,” they said.
A judge will hear Holmes’ appeal in July, ahead of the September sentencing.
The San Francisco district attorney’s office could not immediately be reached for comment outside of normal working hours.
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