Theranos founder Elizabeth Holmes charged by U.S. regulators with yearslong fraud

The SEC just charged Theranos founder Elizabeth Holmes and former prez Sunny Balwani with massive “years-long fraud”		
		
	Connie Loizos

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   	8 hours

(His findings were later corroborated by the federal Centers for Medicare and Medicaid Services.) Schultz was also followed by private investigators, he later told the WSJ publicly in a story that outlined how hard Theranos had made his life.

Theranos, along with its CEO Elizabeth Holmes and former president Sunny Balwani have been charged by the SEC with "massive fraud".

Theranos and Holmes have agreed to settle the fraud charges levied against them. Holmes agreed to give up majority voting control over the company and reduce her equity in the privately-held company. The SEC intends to litigate its claims again Balwani in federal court.

Theranos was one of the health-care world's best funded and highest-profile startups, with a CEO who gained attention for her bold statements about the company's blood tests.

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The complaints further charge that Theranos, Holmes, and Balwani claimed that Theranos' products were deployed by the U.S. Department of Defense on the battlefield in Afghanistan and on medevac helicopters and that the company would generate more than $100 million in revenue in 2014. The SEC said that in reality, the deal accounted for $100,000 in revenue in 2014. The SEC complaint said that Holmes and Balwani lied about the extent of Thernos' involvement with the military, but the company - which Holmes pitched as a salvation to those fearful of needles like herself - in truth never delivered on its grand vision.

Holmes - a Steve Jobs wannabe who dressed exclusively in black turtlenecks - settled with the regulators for $500,000 while neither admitting nor denying the accusations. She has to return 18.9 million shares of Theranos stock.

In a statement, the Securities and Exchange Commission said that the trio had pulled in more than $700m from investors.

Holmes, founder of Theranos, is being stripped of control of the company and is barred from serving as an officer or director at any public company for the next decade, according to the SEC. The settlements with Theranos and Holmes are subject to court approval.

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