SEC charges Theranos, CEO Elizabeth Holmes, and former president Ramesh Balwani with defrauding investors for $700M+; Theranos and Holmes have settled
but there are more companies like Theranos out there Fortune : Theranos, Kudlow, Unilever: CEO Daily for March 15, 2018 Abhimanyu Ghoshal / The Next Web : Theranos CEO charged with $700 million fraud, fined just $500k Cromwell Schubarth / Silicon Valley Business Journal : Theranos' high-powered board was a who's who of Washington insiders. See who filled it. Connie Loizos / TechCrunch : Theranos founder Elizabeth Holmes charged with massive, ‘years-long fraud’ PYMNTS.com : SEC Charges Theranos, Founder And Former President With $700M In Fraud Lydia Ramsey / Business Insider : Theranos claimed it would generate 1,000 times more revenue in 2014 than it actually did Evan Sweeney / FierceHealthcare : SEC charges Theranos executives with fraud, CEO Elizabeth Holmes stripped of control Stephanie Baum / MedCity News : Theranos founder gives up control of company in settlement of SEC's massive fraud charges (Updated) Rob Beschizza / Boing Boing : Theranos founder Elizabeth Holmes accused of fraud by SEC, pays it off Abrar Al-Heeti / CNET : Theranos founder Elizabeth Holmes charged with fraud Alex Lash / Xconomy : Charged With Fraud, Theranos CEO Elizabeth Holmes Cuts Deal with Feds Maya Kosoff / Vanity Fair : “We Set Ourselves on Fire”: Elizabeth Holmes, Disgraced Theranos C.E.O., Charged with “Massive Fraud” Kieren McCarthy / The Register : Bad blood: Theranos CEO charged with massive fraud Bryan Menegus / Gizmodo : Theranos Founder Elizabeth Holmes Charged With ‘Massive’ Fraud, Loses Control of Company Michael J. Coren / Quartz : SEC accuses Theranos and CEO Holmes of “massive fraud” while warning Silicon Valley startups Aaron Mak / Slate : Theranos CEO Elizabeth Holmes Charged With Massive Fraud Jason D. Rowley / Crunchbase News : SEC Charges Theranos Execs With Elaborate, Years-Long Fraud Rebecca Robbins / STAT : SEC charges Theranos and CEO Elizabeth Holmes with fraud Colin Lecher / The Verge : Theranos and CEO Elizabeth Holmes charged by the SEC with defrauding investors Chris Davies / SlashGear : Theranos “massive fraud” SEC charge sees CEO Holmes settle Jack Morse / Mashable : ‘The next Steve Jobs’ charged with ‘massive fraud’ Beth Mole / Ars Technica : SEC charges Theranos with “massive fraud,” CEO Holmes stripped of control NBC Bay Area : Theranos CEO Holmes, Ex-President Charged With Fraud Tweets: Dave Benoit / @davecbenoit : SEC declares what @WSJ readers long knew. Proud to just sit near @JohnCarreyrou and team. Their reporting saved lives. Journalism doesn't buy into hype or cower in face of threats. http://www.wsj.com/... Craig Whitlock / @craigmwhitlock : Awkward for Mattis, who pushed Pentagon to use Theranos's unproven technology when he was a general and joined its board after retirement. http://www.washingtonpost.com/ ... Stephanie Ruhle / @sruhle : Theranos founder Elizabeth Holmes facing “massive fraud” SEC charges- While NO former board members are being accused, the star-studded line-up of DC Heavyweights on the BOD is noteworthy: General James MattisHenry KissingerGeorge SchultzWilliam Perry Sam Nunn Bill FristJohn Carreyrou / @johncarreyrou : Tim Draper's silence today is deafening. @TimDraper, where you at? http://www.wsj.com/... Emin Gn Sirer / @el33th4xor : This is quite the bargain: she essentially got a slap on the wrist. Compare, for instance, to the jail time that Shkreli received, and $500K is pocket change compare to the $700M she extracted from investors. http://twitter.com/... @business : SEC says Theranos CEO Elizabeth Holmes to pay $500,000 fine, lose company voting control and is barred from serving as a head of a public company for 10 years to settle fraud suit http://www.bloomberg.com/... http://twitter.com/... Dan Primack / @danprimack : SEC: Theranos told prospective investor it had $108 million in 2014 revenue. Real number was closer to $100,000. Bill Gurley / @bgurley : Sometimes I meet founders that have the mistaken opinion that because they are private and not public that they are not subject to security laws and enforcement by the SEC. Private companies have sold registered securities and are subject to security laws. http://twitter.com/... Dan Primack / @danprimack : SEC: Theranos used positive coverage in WSJ/Fortune/Wired — which included false info provided by Holmes — to solicit investors.
Theranos founder Elizabeth Holmes facing “massive fraud” SEC charges- While NO former board members are being accused, the star-studded line-up of DC Heavyweights on the BOD is noteworthy: General James Mattis Henry Kissinger George Schultz William Perry Sam Nunn Bill Frist
Awkward for Mattis, who pushed Pentagon to use Theranos's unproven technology when he was a general and joined its board after retirement. http://www.washingtonpost.com/ ...
This is quite the bargain: she essentially got a slap on the wrist. Compare, for instance, to the jail time that Shkreli received, and $500K is pocket change compare to the $700M she extracted from investors. http://twitter.com/...
SEC says Theranos CEO Elizabeth Holmes to pay $500,000 fine, lose company voting control and is barred from serving as a head of a public company for 10 years to settle fraud suit http://www.bloomberg.com/... http://twitter.com/...
A key part of the Theranos fraud, according to the SEC, is that they falsely claimed to investors that their product has been used by DoD on the battlefield. Mattis was the company's ally inside the military & after he left, he joined the Theranos board. https://www.washingtonpos…
According to the complaint, Holmes gave pharmacy execs a tour of a Theranos facility and walked them past a lab where she had deliberately planted the company's devices to make it look (falsely) like they were being used for clinical purposes. pic.twitter.com/Jtl2oLBI82
Sometimes I meet founders that have the mistaken opinion that because they are private and not public that they are not subject to security laws and enforcement by the SEC. Private companies have sold registered securities and are subject to security laws. http://twitter.com/...
Don't hate me for asking this... BUT And I recognize that Theranos is extreme example, but start-ups exaggerate ALL THE TIME. Isn't it investors' job to not get duped by doing due diligence? Seems like the smart ones in biotech weren't hoodwinked. https://www.sec.gov/...
Old enough to remember when @JohnCarreyrou's first Theranos story came out and VCs responded by calling journalists haters who were discouraging innovation. https://www.sec.gov/...
oh hey, another instance of a tech giant getting slapped hard for defrauding investors but not endangering patients with phony blood tests http://twitter.com/...
Reminder: Defense Secretary Jim Mattis was on the board at Theranos from July 2013 until the end of 2016: http://extapps2.oge.gov/... http://twitter.com/...
Theranos chief executive charged with massive fraud http://www.washingtonpost.com/ ... “Important lesson for Silicon Valley: Innovators who seek to revolutionize an industry must tell investors the truth about what their technology can do today, not just what they hope it might d…
Ugh...we try to keep computation/software as Techmeme's core, but “massive fraud” is gonna stick in the minds of the people who invest in and write about the tech companies we document.