THERANOS FOUNDER COULD BE FACING DECADES IN PRISON




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Posted by Ed 18 days ago
Holmes and former president Ramesh “Sunny” Balwani were indicted for nine counts of wire fraud and two counts of conspiracy to commit wire fraud.

Theranos founder Elizabeth Holmes, who has been accused of defrauding investors, doctors, and patients while hawking faulty blood-testing technology with her medical start-up, was indicted on criminal charges of wire fraud by a judge on Friday, along with the company’s former president, Ramesh “Sunny” Balwani. If convicted, the two could face decades in prison.

The indictment is a remarkable epilogue to the story of Theranos, which was once valued at nearly $10 billion, before a series of reports by journalist John Carreyrou exposed the company’s supposedly revolutionary blood-testing technology as an elaborate fraud, ultimately resulting in numerous federal investigations and plunging Theranos into bankruptcy. On Friday, Holmes and Balwani were accused by prosecutors of nine counts of wire fraud and two counts of conspiracy to commit wire fraud, lying to patients and doctors and defrauding investors out of $100 million. The two defendants pleaded not guilty.

https://www.vanityfair.com/news/2018/06/theranos-elizabeth-holmes-indicted-wire-fraud

https://media.vanityfair.com/photos/5aac3b874807db55e0503e3a/master/w_1920,c_limit/How-Elizabeth-Holmes-Became-a-Silicon-Valley-Morality-Tale.jpg


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