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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 darkfeline on Monday June 18 2018, @07:41AM

    by darkfeline (1030) on Monday June 18 2018, @07:41AM (#694447) Homepage

    I'm pretty sure there are better ways to get tax breaks without throwing the money away. Since we don't have a 100% tax bracket, you're going to be strictly losing more money than what you save from the tax break, unless that money somehow got funneled into secret assets somewhere.

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