Theranos founder Elizabeth Holmes faces closing arguments What to know about Theranos and Elizabeth Holmes Elizabeth Holmes, the founder of Theranos who rocketed to fame nearly a decade ago, is accused of misleading investors and patients about the capability of her company’s blood-testing technology. Holmes is on trial for 11 counts of wire fraud and conspiracy to commit wire fraud. She has pleaded not guilty. Her defense lawyers have argued that she acted in good faith while running Theranos. On the stand, Holmes revealed a cornerstone of her defense: that her former partner and the company’s president had allegedly abused and controlled her. While Theranos might have collapsed, but other blood diagnostic start-ups are still raising cash.