>> /P 51 0 R endobj /P 354 0 R /K 18 /P 48 0 R Holmes faces up to 20 years in prison. /K 145 0 R /K 14 /S /LI /Pg 237 0 R << endobj /Lang (EN-US) /Contents [433 0 R 434 0 R 435 0 R] 17 0 obj /P 380 0 R /Count 24 /S /LBody << >> /P 8 0 R 67 0 obj << For the small private firm, the publically traded company or the large enterprise vision, effort and determination needs to be firmly tied to the track - compliance. /Lang (EN-US) >> /P 278 0 R Answer (1 of 7): In 2003, Elizabeth Holmes, then a sophomore studying chemical engineering at Stanford, founded a company called Real-Time Cures. /Pg 257 0 R endobj /K 28 >> >> << endobj endobj >> Holmes grew up in Houston, Texas and studied chemical engineering at . /MediaBox [0 0 612 792] /K 9 >> 5 0 obj 1 0 obj /Parent 5 0 R << >> /K 10 /S /LBody 396 0 obj 302 0 obj /P 375 0 R >> /P 166 0 R << << /P 63 0 R It then allegedly used those articles to generate financial interest. /K 16 /K 3 /S /LI /P 353 0 R 8 0 obj CNN . << endobj >> This conspiracy misled doctors and patients about the reliability of medical tests that endangered health and lives.. /K 9 << 226 0 obj endobj /CropBox [0 0 612 792] << >> >> /K 231 0 R During the trial Holmes accused her ex-boyfriend and business partner, Ramesh "Sunny" Balwani, of emotional and sexual abuse at the time of the alleged crimes, impairing her mental state. endobj /S /LBody 340 0 obj /Pg 248 0 R Despite persistent losses, Holmes salary increased from $200,000 to $400,000, Yam said. 52 0 obj endobj << endobj /P 48 0 R endobj /Pg 244 0 R /K [26 397 0 R] >> Palo Alto, United States August 18, 2016: Elizabeth Holmes accepts The Entrepreneur award at, the 25th Annual Glamour Women of the Year Awards on Nov. 9, 2015, in New York. << /S /P endobj /S /LBody Brian Grossman had 20 years of experience in the healthcare space but his firm, PFM Health Sciences, invested $96 . /Lang (EN-US) /Lang (EN-US) /MediaBox [0 0 612 792] << 1343. >> 386 0 obj /K 12 /P 369 0 R endobj /P 294 0 R Overview Salary Revenue History Demographics Competitors CEO & Executives. /Parent 13 0 R /Lang (EN-US) << << << << /P 366 0 R /S /LBody /S /LBody /MCID 2 /Lang (EN-US) /S /P >> It involves a dream, a mission, a plan, a vision and quite possibly monumental corruption. 2023 Cond Nast. 58 0 obj endobj 231 0 obj /S /LBody endobj << << /Type /MCR /P 376 0 R >> Elizabeth Holmes arriving to . The Theranos scandal has dominated headlines, and both fascinated and appalled readers worldwide, since John Carreyrou's shattering report first broke in 2015. 62 0 obj Northern District of California, FOR IMMEDIATE RELEASEFriday,June 15, 2018, Elizabeth Holmes and Ramesh Sunny Balwani Are Alleged to Have Perpetrated Multi-million Dollar Schemes to Defraud Investors, Doctors, and Patients. /P 295 0 R In many ways, Theranos is the embodiment of Silicon Valley startup culture. endobj /Lang (EN-US) /MCID 2 /Pg 235 0 R >> << /K 151 0 R /S /LBody endobj 87 0 obj 19 0 obj /K 261 0 R /K 10 << /Pg 256 0 R such statements undermine confidence . /Pg 245 0 R << endobj /K 30 272 0 obj /P 378 0 R << In addition, the defendants delivered to doctors and patients blood results that were inaccurate, unreliable, and improperly validated. 220 0 obj Theranos dissolved in September 2018 and founder Elizabeth Holmes now faces up to 20 years in prison for fraud and conspiracy. 185 0 R null null] HUMo@W~{-E$U i~ q&1KNwf{f(=7E GGY,kf~ _i^04V0[398o%dg2vWvuD`aiqeso"! /Pg 258 0 R According to the indictment, Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranoss blood testing laboratory services, even though the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests. /Tabs /S Connor Radnovich/The Chronicle. >> /Rotate 0 << >> /K 26 >> /Pg 244 0 R /K 3 << 167 0 obj /StructParents 13 << Investors who put a total of $632 million into Theranos in its latest funding round from 2014 to 2015 included " Rupert Murdoch and family-controlled Cox Enterprises Inc., -- [Cox family holdings . /TextBox /Art /P 48 0 R /P 48 0 R /K 16 171 0 obj The Theranos HSV-1 IgG Assay is for use with the Theranos System which performs automated sample processing steps and result analysis. 221 0 obj /S /P endobj << $12,600 to the Democratic Party. /P 267 0 R endobj /K 17 /CropBox [0 0 612 792] /K 22 >> endobj /K 115 0 R /P 380 0 R Several months later, with encouragement from her professor, Channing Robertson, Holmes quit Stanford. /K 9 325 0 obj /S /LI /Lang (EN-US) >> /K [374 0 R 375 0 R 376 0 R 377 0 R 378 0 R 379 0 R] /P 290 0 R endobj /P 333 0 R /Lang (EN-US) Read company statement regarding investor . >> 89 0 obj endobj /Lang (EN-US) << /Lang (EN-US) The Theranos story has been turned into an HBO . >> /Subscript /Span Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. /Type /Page >> endobj endobj /CropBox [0 0 612 792] /Lang (EN-US) /P 297 0 R /Lang (EN-US) /S /LI /K 221 0 R /P 55 0 R endobj << /S /LI /K 149 0 R >> If convicted, the defendants face a maximum sentence of twenty (20) years in prison, and a fine of $250,000, plus restitution, for each count of wire fraud and for each conspiracy count. /CropBox [0 0 612 792] /Pg 256 0 R /K 51 /K 20 Assistant U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. << 1349, and nine counts of wire fraud, in violation of 18 U.S.C. << /Pg 237 0 R endobj /P 33 0 R /P 48 0 R /S /LBody /Type /Metadata Employees in the top 10 percent can make over $68,000 per year, while employees at the bottom 10 percent earn less than $28,000 per year. >> /Lang (EN-US) >> /P 8 0 R >> /Annots [] 211 0 obj << /S /LI 10 [null null 163 0 R null null null 164 0 R null null null /Pg 257 0 R /Pg 235 0 R /S /LI /Pg 252 0 R /P 59 0 R /P 260 0 R /K 171 0 R << endobj 270 0 obj >> The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. Most of the tests that Theranos was performing for clients were done on devices made by other companies, Cheung testified. /K 21 330 0 obj endobj endobj null] /S /LBody The parable of Elizabeth Holmes and her company, Theranos, is not an unfamiliar one. Theranos stood as the next big breakthrough innovator in the healthcare industry offering an affirming achievement of the value of human ingenuity. 56 0 obj endobj /Lang (EN-US) /P 285 0 R Theranos Inc. (/ r. >> endobj /Lang (EN-US) << << /P 8 0 R /S /LBody /K 24 >> 355 0 obj /K 6 /P 359 0 R Its not uncommon for startups to lose money in their early years, and its not entirely unusual for the fastest burn rate to happen right before things turn around. 369 0 obj (REUTERS/Carlo Allegri). >> >> Peter DaSilva/Reuters. /P 8 0 R << /S /P 144 0 obj 61 0 obj endobj endobj 375 0 obj /P 363 0 R << /S /P endobj /CropBox [0 0 612 792] << /K 18 /Pg 248 0 R /Lang (EN-US) Carreyous account of Safeways engagement with Theranos is powerful. >> /K 34 << 285 0 obj << /Lang (EN-US) The effects of cheating in the service of good are not only treacherous for those who cheat, but also for those who interact and deal with the cheaters. << /K 32 170 0 obj Though highly desirable, these significant features were not as instrumental in the fulfillment of Theranos vision as they were initially pledged. /Pg 245 0 R << 287 0 obj /P 48 0 R /Pg 255 0 R /Contents [425 0 R 426 0 R 427 0 R] >> /P 42 0 R >> /Pg 244 0 R endobj 77 0 obj endobj << Balwani, who was convicted on 12 counts of fraud and conspiracy and sentenced to nearly 13 years in prison, is also seeking to remain free amidan appeal. /Pg 235 0 R /Lang (EN-US) /P 380 0 R A March 17 hearing is scheduled on her request to stay out of prison during her appeal. /Pg 238 0 R 173 0 obj 362 0 obj /Pg 238 0 R /S /LBody /P 51 0 R 372 0 obj /P 360 0 R Washington, DC. /K 31 endobj This office, along with our other law enforcement partners in the Bay Area, will vigorously investigate and prosecute those who do not play by the rules that make Silicon Valley work. endobj /MCID 2 >> /S /P endobj << /P 54 0 R The defendants also delivered to doctors and patients blood test results from which critical results were improperly removed. >> /Type /MCR << << /K [14 389 0 R] << >> /Contents [413 0 R 414 0 R 415 0 R] >> /Parent 5 0 R endobj endobj /P 8 0 R >> >> << Its unclear whether Theranos rise and fall will turn out to be a dazzling mirage of would-be business greatness, one of the most infamous stories of corporate fraud in the 21st century, or, an ironic reminder of the inescapable weakness of biased decision-making. . /Pg 258 0 R >> /K 182 0 R /K 205 0 R The Indictment Alleges That Investors Were Defrauded. /P 51 0 R << /Annots [] /P 8 0 R /Tabs /S 123 0 obj /S /LI /K 37 << 271 0 obj /S /P endobj >> /Pg 237 0 R >> endobj /S /LBody 235 0 obj /Rotate 0 For example, allegedly, Holmes and Balwani knew that the analyzer, in truth, had accuracy and reliability problems, performed a limited number of tests, was slower than some competing devices, and, in some respects, could not compete with existing, more conventional machines. /P 279 0 R endobj << endobj /Kids [235 0 R 236 0 R 237 0 R 238 0 R 239 0 R] /Artifact /P endobj /Lang (EN-US) >> << /K 14 /Rotate 0 121 0 obj /Lang (EN-US) 227 0 R null null null 228 0 R null null] In reality, Theranos couldn't perform more than 12 tests on its Edison devices, former lab . The employees at Morgan Stanley earn an average yearly salary of $103,933 per year, and the salaries at National Journal average $73,533 per year. /S /LBody endobj << Before sharing sensitive information, make sure you're on a federal government site. /K 217 0 R /S /LI /Pg 245 0 R /Parent 13 0 R >> << << endobj 371 0 obj 180 0 obj /S /LI Morever, Holmes needs to grow a . Having a vested interest in what is at stake as is often the case with founders and investors and envisioning the desired end state via inflexible goals may create a condition known as motivated blindness that can paradoxically prevent us from making realistic progress. . /Lang (EN-US) endobj /S /LI But indictments said Holmes andher colleague and former romantic partner Ramesh Sunny Balwani, lied about the technology, the company's finances, and its partnerships with the Department of Defense and Walgreens. /Lang (EN-US) endobj /O /Layout /K 10 122 0 obj /S /LBody << /Outline /Span /Pg 255 0 R 14 [null null 186 0 R null null null 187 0 R null null null Leaving Little Space for Inspiration. /StructParents 2 206 0 obj >> endobj /K 211 0 R /Resources 472 0 R << /S /L endobj /K 7 endobj /S /LBody endobj /P 282 0 R >> /Pg 250 0 R endobj endobj >> /Rotate 0 /Lang (EN-US) /Pg 238 0 R /Lang (EN-US) /P 8 0 R Palantir has . /Annots [] /Resources 420 0 R << endobj /P 335 0 R /S /LBody /S /L The company spent over $150,000 surveilling her and another whistleblower. /P 287 0 R When he sentenced Holmes, U.S. District Judge Edward Davila pushed to April 27 her report date to a prison in Byron, Texas, so she could give birth to her second child before being incarcerated. 35 0 R 36 0 R 37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R << 3553. /CropBox [0 0 612 792] /Pg 253 0 R endobj 354 0 obj Holmes, 34, of Los Altos Hills, Calif., founded Theranos in 2003. << /P 8 0 R Bundled together, these biases not only warped Holmes sense of truth, but they likely slanted the perspective of key stakeholders who were attracted to the many promises made by Theranos. /Contents [469 0 R 470 0 R 471 0 R] /S /LI /Lang (EN-US) >> 175 0 obj endobj /Parent 14 0 R 393 0 obj The indictment alleges that the defendants used a combination of direct communications, marketing materials, statements to the media, financial statements, models, and other information to defraud potential investors. endobj << /Rotate 0 An official website of the United States government. << Further, the indictment alleges that based on the defendants misrepresentations and omissions, many hundreds of patients paid, or caused their medical insurance companies to pay, Theranos, or Walgreens acting on behalf of Theranos, for blood tests and test results, sometimes following referrals from their defrauded doctors. 14 0 obj /Lang (EN-US) /S /LI /Tabs /S /Nums [0 [15 0 R 16 0 R 17 0 R 18 0 R 19 0 R 20 0 R 21 0 R 22 0 R 23 0 R 94 0 R endobj Cheung said she joined the company largely on the star power of its CEO. /S /LBody 264 0 obj /Pg 246 0 R /Rotate 0 /P 8 0 R /Pg 251 0 R /Pg 235 0 R 142 0 obj << /S /P /S /LBody /P 263 0 R /Pg 257 0 R endobj << /S /LI /Pg 256 0 R /S /LBody /ParentTreeNextKey 24 233 0 obj /S /LBody << endobj /S /P << endobj /K 210 0 R /Lang (EN-US) /K 214 0 R This is why accounts about Theranos willingness to circumvent FDA rules and requirements, among other things, or legitimate due diligence requests made by potential clients is disconcerting yet unsurprising. /P 50 0 R /Pg 244 0 R << 385 0 obj >> 186 0 obj /StructParents 3 /K 118 0 R /Lang (EN-US) >> Four Blind Spots at the Core of Theranos' Failure. endobj endobj /P 352 0 R 395 0 obj >> /K 25 /P 300 0 R It was not only motivated blindness that may have triggered the slippery slope of unethical conduct at Theranos. << >> /K 14 /P 40 0 R Holmes dropped out of Stanford University at 19 to found Theranos in 2003. Holmes dropped out of Stanford University at 19 to start the medical diagnostics company in 2003. /P 260 0 R /P 367 0 R /P 59 0 R 16 [null null 199 0 R null null null 200 0 R null null null /P 50 0 R Competitors of Theranos include Bloomberg, Morgan Stanley, and National Journal. >> << >> /S /LBody >> /P 51 0 R /K 179 0 R >> ", EX-THERANOS CEO ELIZABETH HOLMES PROVIDING OWN DEFENSE IN CIVIL SUIT: REPORT. Follow Mike Snider on Twitter:@mikesnider. /P 268 0 R /Parent 14 0 R /P 319 0 R /S /P Opinions expressed by Forbes Contributors are their own. null 110 0 R null null null 111 0 R null 112 0 R null 113 0 R uuid:08e7f9c5-06b3-4447-b9e6-d8f448ec8b85
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