Tuesday, February 7, 2023
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    The fate of fraudster Elizabeth Holmes  

    Elizabeth Holmes at a very young age entered the ranks of Warren Buffett, Steve Jobs, Mark Zuckerberg, and others at the age of 31. The youngest self-made female billionaire in the world is Elizabeth Holmes. Strangely, Elizabeth Holmes who has been smart since she was little, picked up Mandarin in high school.

    Elizabeth Holmes received an 11-year, three-month jail term in federal prison in 2022 for cheating investors out of hundreds of millions of dollars. Additionally, she will be subject to three years of monitoring upon her release from jail.

    elizabeth holmes, theranos
    elizabeth holmes, theranos

    Remarkable intelligence behind Theranos 

    Elizabeth Holmes, The mind behind Theranos who has been smart since she was little, picked up Mandarin in high school. Holmes also started selling C compilers to select Chinese universities in addition to all of the above. Elizabeth submitted her first patent while she was a Stanford student studying chemical engineering. 

    Elizabeth Holmes was inspired to create a method of early illness detection when her uncle passed away from cancer. She then traveled to Singapore and began researching the SARS virus. However, she left school right after her second year and began working toward the realization of her goal of establishing individualized medicine.

    Elizabeth Holmes invented less expensive, simpler blood tests after being expelled from Stanford University, where she had researched microfluidics and nanotechnology. In 2003, she became the founder and CEO of Theranos, a firm that was revolutionizing lab diagnostics. Her laboratories can swiftly do a wide range of tests with just a few drops of blood and a practically painless finger prick.

    Elizabeth Holmes further founded Theranos (which was supposed to be her biggest successful start-up) ten years ago when she was just 19 years old. Elizabeth Holmes imagines people with greater control over their own health, able to do things like monitor and diagnose themselves in real-time, and pay for tests in an open and transparent manner. A former senator, general, and secretary of state are on Theranos’ board of advisors.

    elizabeth holmes, theranos
    elizabeth holmes, theranos

    Read More – HOW RICH IS THE MOST POPULAR LAWYER IN AMERICA ? 

    What followed after Theranos & Elizabeth Holmes were investigated ?

    It has been noted that after reaching the heights of success, it further collapsed. The Securities and Exchange Commission, the Department of Justice, and the Federal Bureau of Investigation all launched investigations into Theranos after it was charged with producing false test results. In 2018, Holmes was charged by the SEC with widespread fraud after the Centers for Medicare & Medicaid Services stated that the firm constituted an immediate risk to patient health and safety. In 2019 Theranos’ formal closure was witnessed. The lawsuits followed.

    Sunny Balwani was charged with many counts of wire fraud and conspiracy to conduct wire fraud by a federal grand jury. Investors and patients were named as the victims of their misdeeds. Both were granted bail after entering a not-guilty plea. Balwani requested that the sitting judge, U.S. The separate prosecution of Balwani and Homes was announced by district judge Edward Davila.

    After the collapse of Theranos, proceeding started on Holmes later four out of the seven charges against “Elizabeth Holmes” for criminal investment fraud were upheld as true. The remaining three counts failed to receive a unanimous decision from the jury. On four further allegations of patient fraud, she was cleared. The decision was reached following a trial that lasted almost four months. Prosecutors called 29 witnesses to support their case that Holmes willfully misled patients and investors about Theranos’s blood-testing technology and future commercial prospects.

    elizabeth holmes, theranos
    elizabeth holmes, theranos

    Trouble for defrauded investors

    According to the Wall Street Journal, the Walton family lost $150 million, Murdoch lost $125 million, and the Devos family lost an estimated $100 million on their investment.

    Reality of suspicious “ Blood test ” 

    Using compact automated machines that the business had built, the company claimed to have created blood tests that used very little blood and could be completed quickly and accurately. These assertions were eventually shown to be untrue.

    Who reported Theranos to be fraudulent ?

    Tyler Shultz was the first to alert authorities to alarming developments at the business. It was a hazardous and audacious move at the time, but it hastened the scrutiny that led to the company’s eventual collapse.

    Shreya Minocha
    Shreya Minocha
    I am Shreya Minocha, A wordsmith; extremely fond of cinematic versions and keen to write entertainment articles expressing my pov on the same.

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