Former Obama ‘Ambassador for Global Entrepreneurship’ Charged With Multi-Million Dollar Fraud

Elizabeth Holmes, the CEO of Theranos, has been ordered to pay half a million dollars in restitution for bilking investors out of a ton of cash. Since she was chosen to be a ‘global ambassador’ by Obama, she received lots of positive press coverage and used it to raise capital. Now things have changed.

Townhall reports:

CEO Charged With Multi-Million Dollar Fraud Was an Obama ‘Ambassador for Global Entrepreneurship’

On Wednesday, the SEC settled a lawsuit against Theranos CEO Elizabeth Holmes forcing her to cede control of her company and pay a $500,000 fine in response to charges that she used her position to perpetrate a “massive fraud” scheme. The SEC believes that Holmes ultimately bilked her investors out of more than $700 million in return for faulty medical technology and empty promises to revolutionize the healthcare industry.

According to the original SEC lawsuit, Holmes systematically deceived investors in a variety of ways. Often, she would make fantastical claims that her engineers had developed revolutionary new technologies and machines, including a “miniLab” blood analyzer that would use one tiny finger prick sample to “perform approximately 90 percent of the tests that a large, traditional central lab could perform.”

This understandably generated not just investments, but a good amount of positive media attention. The Wall Street Journal, Wired, and The New York Times all published glowing articles about Holmes.

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We’re guessing we won’t hear much about this story on CNN or MSNBC.



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