Theranos Founder Elizabeth Holmes Charged with Fraud
Theranos Founder Elizabeth Holmes Charged with Fraud On Wednesday, the Securities and Exchange Commission announced the charges against Holmes and Theranos president Ramesh Balwani.
Securities and Exchange Commission Theranos aimed to revolutionize healthcare with the "nanotainer", which performs accurate, fast and cheap blood tests using only a prick of blood.
The SEC noted that the nanotainer was only able to process a small number of blood tests while the rest relied on analyzers from other companies.
Holmes must pay a $500,000 penalty and return $18.9 million in Theranos shares.
She will also be barred from serving as an officer or director of a public company for 10 years.