SEC charges Theranos, CEO Elizabeth Holmes with ‘massive fraud’

SEC charges Theranos, CEO Elizabeth Holmes with ‘massive fraud’

Elizabeth Holmes, CEO and founder of Theranos – a blood analysis startup – has been charged with “massive fraud” by the US Securities and Exchange Commission. Also implicated in the charge is former President Ramesh Balwani. The report states the two raised more than $700m through “an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance”. Holmes agreed to give up control of the business and pay a fine of $500,000. She is also barred from being director of a public company for 10 years.

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