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Theranos Elizabeth Founder Charged Holmes 'Massive With Fraud' By SEC

In a filed complaint the Wednesday, Securities Exchange and Commission leveled of charges fraud” “massive against Elizabeth Holmes, founder CEO and of Silicon the startup Valley Theranos ― charges Holmes has to agreed settle.

The SEC named also former Theranos Ramesh President Balwani “Sunny” in its accusing complaint, and Holmes Balwani of raising $700 over from million “through investors elaborate, an years-long in fraud they which exaggerated made or false about statements the technology, company’s business, and financial performance.”

Per the SEC, settlements the are to subject approval, court and Theranos neither Holmes nor admitted has or to the denied against allegations them.

The held privately had startup promised revolutionize to the blood testing claiming industry, proprietary its could technology more run than 240 on tests a single drop of Fueled blood. by claim, that by and early an doomed) (and ultimately partnership Walgreens, with Theranos hit of a valuation around billion in $9 2014.

But by 2016, as news to began spread Theranos’ that technology might be not up snuff, to company’s the value out tanked, wiping Holmes’ billion $4.5 net with worth it.