In MedCity, Dr. Amar Setty reminds us that, unless Theranos' founder Elizabeth Holmes takes a plea, there will be a criminal trial.
Here is a copy of the 15-page federal indictment for 11 counts of wire fraud and conspiracy to commit wire fraud. The alleged victims include investors, medical doctors, and consumers.
Oh, boy, as Dr. Setty indicates, the trial could be quite the sensation. And, in addition to the theatre, it could disclose how Holmes allegedly used clever promotions to raise billions in funding for a technology which didn't exist. And maybe never will, at least as Theranos positioned and packaged it.
But, will that careful, methodical rolling out of evidence of alleged fraud deter future investors, partners, and consumers? Unlikely.
So many books on Silicon Valley, ranging from "Bad Blood" to "Disrupted," hammer how much those chasing fast money, influence, fame, and solutions to problems will believe whatever the tech gurus claim. That's just the way it is.
After all, among the investors in Theranos had been Rupert Murdoch. One will assume he's no fool. However, he too got duped by the Holmes' aura. On the Theranos board had been Henry Kissinger. And among its partners had been Walgreens.
No, the criminal trial of Holmes is unlikely to be a teachable moment. However, those who smelled something fishy about wondergirl can enjoy the notion of her behind bars among hard-core sociopaths who will have lots of fun with this relative lightweight in cons. Her targets, like Bernie Madoff's, were sitting ducks. She didn't have to be very good at the con game.
We who enjoyed the bizarre courtroom drama put in play by Ellen Pao about alleged gender discrimination by venture capital firm Kleiner Perkins have much to look forward to. We deserve a good show that isn't related to the Trump Administration.
Contact Jane Genova firstname.lastname@example.org.