Posted on 03/14/2018 11:31:49 AM PDT by jerod
Elizabeth Holmes — the Silicon Valley wunderkind whose blood-testing startup Theranos has collapsed in a slew of scandals — has been charged with “massive fraud” by the Securities and Exchange Commission.
The SEC on Wednesday accused Theranos CEO Holmes and a top lieutenant of defrauding investors of more than $700 million through false claims about its blood-testing technology.
Theranos and 34-year-old Holmes ran “an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance,” according to the SEC.
While Theranos had said it was on track to make $100 million by the end of 2014, the real figure was closer to $1 million, according to the SEC. And, contrary to what Theranos told investors about the Department Defense using its blood tests, they were “never deployed by the DOD in the battlefield, in Afghanistan, or on medevac helicopters,” according to the settlement.
(Excerpt) Read more at nypost.com ...
Isn’t it sort of unusual for individuals to be held accountable for the actions of a corporation? Dangerous precedent, unless I’m misunderstanding the situation.
This woman is FAMOUS for screaming at people and she’s a COMPLETE phony.
I guess maybe just that temporary CEO for Yahoo is worse.
This is great news but she has such pathologically robust confidence I’m not sure if this will take her down a peg in her own mind.
The Wall Street Journal investigative reporter John Carreyrou was responsible for uncovering and exposing “that the company was, in effect, a sham”.[111] For this he received the 67th annual George Polk Awards in Journalism for Financial Reporting (2015). He will be publishing a book-length treatment in 2018 titled Bad Blood, and a film version is in the works starring Jennifer Lawrence as Elizabeth Holmes, to be directed by Adam McKay.[112]
Agree in sentiment...but at least Musk managed to make a rocket that works...perhaps the American taxpayers can get something worthwhile back when the inevitable mother of all bankrupsies occurs with Musk’s firm.
Thanks. Had no idea that a real movie was in the works. Figures that they would have one ditz playing another. However, I suppose it will have to wait until JLaw “fixes our democracy”. That may take her a while.
Mattis was on her Board of Directors. Probably due to all his medical laboratory and business experience. Just another silicon valley grifter.
Nonsense. Elon Musk produces things that work: Tesla cars are excellent, the rockets are excellent...Theranos has produced nothing but vaporware.
“I think her get-out-of-jail free card was her long association with the Clinton Global Initiative. There are photos of her yuking it up with her old pal Bill on stage.
FOB/FOH apparently keeps one immune from real punishment for wrongdoing.
BINGO...
If Hillary had won, no one would have DARED to prosecute her.
Her 9 billion dollar year company was always not to be believed.
<><>Holmes has been featured in the Clinton Foundation’s events.
<><>The company has been advised by Chris Jennings, a longtime health-care adviser to both Bill and Hillary Clinton.
<><>The presidential campaign of Hillary Clinton had planned to hold a fundraiser at Theranos before moving it after media attention.
You mean a car that uses more energy (total) than a standard Internal Combustion Engine is a scam?
What scares me is people think this guy can get them safely to Mars.
Mediocre looks OTOH... I give her a 6.3
6.3....Is that the “degree of difficulty?”
Why is George Schultz age 95 on the board of directors?
It’s good to be king too
I’d hit it.
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