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⤷ αC
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https://www.wired.com/story/theranos-and-silicon-valleys-fake-it-till-you-make-it-culture/
More than two years after a Wall Street Journal investigation exposed potential fraud at blood-testing startup Theranos, many of us have forgotten about the company. The Securities and Exchange Commission has not.
Wednesday, the regulatory agency charged CEO Elizabeth Holmes and former President Ramesh Balwani with an “elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.” As a result of the SEC’s charges, Holmes has agreed to reduce her equity stake and voting control in the company. She’s also agreed to a 10-year ban on working at public companies.
More significant than the news is the message it’s meant to send to all Silicon Valley startups—not just those whose photogenic CEOs land on magazine covers.
“The Theranos story is an important lesson for Silicon Valley,” said Jina Choi, director of the SEC’s San Francisco Regional Office, in a statement. “Innovators who seek to revolutionize and disrupt an industry must tell investors the truth about what their technology can do today, not just what they hope it might do someday.”
 

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Overclocker in training
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Hi,
Blame impulsive people willing to believe anything :)
 

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Data Recovery Engineer
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Well, her career is pretty much ruined anyways. That is punishment enough.
 

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Hi,
Blame impulsive people willing to believe anything :)
That's some high quality victim blaming right there. You know, lets just ignore the fact this is a major felony, you are allowed to bend the truth but not lie. Yea, blame the victims, good plan.
 

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Null
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Well, her career is pretty much ruined anyways. That is punishment enough.
It's possible criminal charges will be filed. Just because one department just hit her with fines doesn't mean another part of the government won't seek something more serious.
 

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Well, her career is pretty much ruined anyways. That is punishment enough.
Pretty sure she will just start a new company and then change her name or move to another country. She is a billionaire. This fine is nothing and I am quite disappointed that there is no jail sentence here either given the magnitude.
 

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Pretty sure she will just start a new company and then change her name or move to another country. She is a billionaire. This fine is nothing and I am quite disappointed that there is no jail sentence here either given the magnitude.
This. Fraud is fraud, and it should carry jail time.
 

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News Junkie
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Pretty sure she will just start a new company and then change her name or move to another country. She is a billionaire. This fine is nothing and I am quite disappointed that there is no jail sentence here either given the magnitude.
Is she a billionaire? i don´t remember where did i read that she had to pay heavy fines herself.

I don´t know if she got to keep a lot of the money she raised after having to pay for lawsuits, compensation and debt
 
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