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Thread: Theranos founder charged with fraud

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    Former Staff Senior Contributor Ironduke's Avatar
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    Theranos founder charged with fraud

    This was a long time coming.

    Theranos founder Elizabeth Holmes charged with $700m fraud

    The founder of a US start-up that promised to revolutionise blood testing has agreed to settle charges that she raised over $700m (500m) fraudulently.

    The Securities and Exchange Commission, a top US financial regulator, said Elizabeth Holmes and Theranos deceived investors about the firm's technology.

    The agency also said the firm had falsely claimed its products had been used by the US army in Afghanistan.

    Ms Holmes will lose control of the firm and be fined $500,000.

    An SEC official called the fallout an "important lesson for Silicon Valley".

    "Innovators who seek to revolutionise and disrupt an industry must tell investors the truth about what their technology can do today - not just what they hope it might do someday," said Jina Choi, director of the SEC's San Francisco regional office.

    Theranos was founded in 2003 when Ms Holmes was only 19, and sought to develop an innovative blood testing device.

    The firm said its Edison device could test for conditions such as cancer and cholesterol with only a few drops of blood from a finger-prick, rather than taking vials from a vein.

    In 2015 Forbes magazine estimated Ms Holmes' wealth at $4.5bn

    However, in the same year reports in the Wall Street Journal suggested the devices were flawed and inaccurate.
    More here: http://www.bbc.com/news/business-43406050

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    Defense ProfessionalSenior Contributor tbm3fan's Avatar
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    Amazing. Now compare this to stealing a $25 whatchamacallit from a store in Texas and see what jail time you get.

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    Quote Originally Posted by Ironduke View Post
    This was a long time coming.
    heranos founder Elizabeth Holmes charged with $700m fraud

    The founder of a US start-up that promised to revolutionise blood testing has agreed to settle charges that she raised over $700m (500m) fraudulently.

    The Securities and Exchange Commission, a top US financial regulator, gmail login, said Elizabeth Holmes and Theranos deceived investors about the firm's technology.

    The agency also said the firm had falsely claimed its products had been used by the US army in Afghanistan.

    Ms Holmes will lose control of the firm and be fined $500,000.

    An SEC official called the fallout an "important lesson for Silicon Valley".

    "Innovators who seek to revolutionise and disrupt an industry must tell investors the truth about what their technology can do today - not just what they hope it might do someday," said Jina Choi, director of the SEC's San Francisco regional office.

    Theranos was founded in 2003 when Ms Holmes was only 19, spanish dictionary and sought to develop an innovative blood testing device.

    The firm said its Edison device could test for conditions such as cancer and cholesterol with only a few drops of blood from a finger-prick, rather than taking vials from a vein.

    In 2015 Forbes magazine estimated Ms Holmes' wealth at $4.5bn

    However, in the same year reports in the Wall Street Journal suggested the devices were flawed and inaccurate.

    More here: http://www.bbc.com/news/business-43406050
    Theranos' proprietary analyser could complete only a small number of tests, and the company conducted the vast majority of patient tests on modified and industry-standard commercial analysers manufactured by others

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