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posted by takyon on Sunday June 17 2018, @09:51PM   Printer-friendly
from the blood-money dept.

Submitted via IRC for BoyceMagooglyMonkey

Elizabeth Holmes steps down as Theranos CEO as DOJ levels charges

CNBC is reporting that Elizabeth Holmes has stepped down from her position as CEO of Theranos and the Department of Justice has indicted her on alleged wire fraud. Both the company and Holmes have been embroiled in scandal following reports that the blood tests it claimed to be working on weren't actually effective. Earlier this year, the Securities and Exchange Commission charged Holmes and Theranos with fraud.

[...] Along with Holmes, Ramesh "Sunny" Balwani, former president of Theranos, is being charged by the DOJ as well. Both Holmes and Balwani appeared before US Magistrate Judge Susan van Keulen today where they were arraigned on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. [...] CNBC reports that Holmes will still chair Theranos' board and the company's general counsel, David Taylor, has been appointed CEO. If convicted, Holmes and Balwani face a maximum prison sentence of 20 years, a $250,000 fine and restitution for each count of wire fraud.


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  • (Score: 2) by Fluffeh on Monday June 18 2018, @03:27AM

    by Fluffeh (954) Subscriber Badge on Monday June 18 2018, @03:27AM (#694411) Journal

    That's totally the way I saw it too. Steal $100 from a thousand suckers and you're gutter scum not really worth anyone's time. Steal $100k from a politician and you are in the crosshairs of all the three-letter agencies.

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