Elizabeth Holmes could be asked to testify in her own criminal case. Videotaped interviews may provide clues about how she will do on the stand.

Holmes, founder and CEO of Theranos was arrested on fraud charges 12 days later. She sat through a four-hour deposition where she barely answered any questions. Holmes said that she was Theranos’ ultimate decision-maker in depositions. This is a claim her legal defense team tried to dismiss in her criminal case.

CNBC obtained the videotaped deposition of Holmes on June 27, 2018. It was part of a lawsuit by investors against Holmes, Theranos, Holmes’ blood-testing business Theranos, and Ramesh Balwani, company president.

Holmes told Reed Kathrein repeatedly, “I’m going follow my counsel’s instruction,” he said to attorney Reed Kathrein. Reed Kathrein represented Theranos investors in a lawsuit filed against them in Berkeley, Calif.

Kathrein said that Kathrein was one of my calmest witnesses. Kathrein spoke to CNBC this week in an interview. She didn’t answer questions but she maintained her composure and steadiness throughout. She didn’t get angry even when I made some very harsh accusations.

This investor suit was finally settled. Kathrein claimed that the investors were compensated for their investment, though the terms of the agreement were confidential.

Holmes didn’t acknowledge the fact that she was there during her deposition.

The question that will be looming is whether Holmes will testify in her defense as the prosecution closes their case over the coming weeks.

Balwani is her ex-boyfriend and former top executive. Her lawyers indicated that Holmes intends to charge Balwani with manipulating and controlling her. In unclassified court documents, Holmes asserts that Balwani sexually and emotional abused her. She claims this has impaired her judgment at Theranos.

Balwani denied all allegations.

Holmes lawyers filed a February legal filing in which Holmes said that Holmes “is likely to testify to herself as to why she believed and relied on Mr. Balwani”.

Holmes, who is often seen in courtroom whispering to lawyers and sitting upright with her notebook in her hand, could be made more human by taking the stand.

She will occasionally look over at jurors on her left. Or, she may glance back at her mother Noel Holmes or her many friends who sit beside her. Holmes must wear a face mask in court to conceal any emotion.

However, she could be held responsible for her defense.

Danny Cevallos (NBC News legal analyst) stated that “most white collar defendants don’t take the stand.” Most white collar defendants don’t take the stand because they have credibility problems. An experienced defense lawyer knows that credibility is crucial in a case where a client has to take the witness stand.

Sometimes, the best defense is a slight deflection.

Cevallos explained that Elizabeth Holmes shouldn’t have any trouble using government evidence to try to place blame on Sunny Balwani. Sunny is being prosecuted by the government, too. Elizabeth will use the evidence directed against Sunny to essentially claim that Sunny is not the criminal in this case.

Cevallos reminded Holmes that the jury would want his side at the end.

Cevallos declared, “There is no silence that can be more loud than the silence of the defendant in a criminal matter.” Elizabeth is the one everyone on the jury needs to hear. The judge will tell them, however, that the defendants cannot be silenced as ambition or against Elizabeth.

Jeffrey Coopersmith, Balwani’s attorney, refused to comment. CNBC did not receive any comment from Holmes’ attorneys.

Holmes and Balwani pleaded guilty to 10 wire fraud charges and two conspiracy to commit wirefraud. They could each spend up to 20 years prison if convicted.

Cevallos points out the many terabytes worth of documents, texts messages and emails that Holmes is required to testify in this case.

Kathrein said Holmes will likely not stand trial for herself unless Holmes’ attorneys agree.

Kathrein declared, “It would have been a catastrophe for her testify.” Kathrein said that she is charming, but her behavior in the SEC deposition was inconsistent. Sunny is the only one she blames. She admits she can’t recall, but she denies it. Her whole defence of Sunny blaming would fall apart.

Kathrein refers to another deposition, which was held by Securities and Exchange Commission lawyers over three consecutive days during the summer 2017.

Holmes, who was videotaped by CNBC and made available to investors, was much more open in answering questions about her statements regarding blood-testing technology. She also answered questions about Theranos’ financial projections. She also stated that she wasn’t able to answer questions about the information she gave to investors with high profile names.

“Have you reviewed financial projections or projections? These were sent to Rupert Murdoch.” Holmes was asked by Rahul Kolhatkar (SEC attorney) during the deposition. Holmes replied, “I have seen them.” “I assume, they were sent out before Mr. Murdoch was notified. Have you reviewed those projections?” Kolhatkar asked. Holmes responded, “I’m not sure I remember but I have seen the documents.”

Holmes agreed to settle the SEC suit and pay $500,000 in fines. He also agreed not to serve as a director or officer for more than ten years. Holmes has not admitted to the allegation.

During the SEC deposition, a key response came from the questioning regarding the Theranos contract. Walgreens

Asked if she were the decision maker at Theranos and if she signed the contract, Holmes told SEC lawyers: “I did. I was a signer of many Walgreens agreements. It’s not clear if all the agreements were signed by me. Yes. And I do mean that I am the CEO. “I’m the final decision-maker for the company.”

Experts in legal matters warn that Holmes’ testimony could be retorted if it is sworn.

Cevallos stated that there is a risk when a defendant is called. If the jury considers even a small portion of her testimony dishonest, then they may find her totally dishonest.”

Referring to Latin phrases Falsus in uno, falsus in omnibus, Cevallos stated that “a lie in one thing makes you a liar everywhere.”