REPORT: Biotech Firm Ripped Off DeVos For $100M

The Washington Post reports:

The family of former education secretary Betsy DeVos was misled by Elizabeth Holmes when the former Theranos chief executive convinced the billionaire dynasty to invest $100 million in the biotech start-up, a representative with the family’s office testified Tuesday.

Holmes, who is on trial for criminal wire fraud in San Jose, handpicked the DeVos family and other billionaire investors to fund the biotech start-up, said Lisa Peterson, who oversees private equity investments at the family’s office, RDV, and was in charge of handling the Theranos deal.

“She was inviting us to participate in this opportunity,” Peterson said of Holmes, according to the testimony. Peterson added of Theranos’s technology, “They were telling us that it worked. We relied on what they told us.”

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