Politics

UNCATEGORIZED Multi-Million Dollar Fraud Busted: Obama’s “Ambassador for Global Entrepreneurship” Ordered To Pay $500,000 [Flashback]

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Opinion| ICYMI – 4/18.
Townhall reported that the Obama “Ambassador for Global Entrepreneurship” and CEO was charged with fraud in a multi-million dollar lawsuit.

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.”

It wasn’t just investments that were generated, but there was a lot of media attention that went along with it too. Holmes was the star of articles by The Wall Street Journal, Wired, and The New York Times.

CNN and MSNBC basically ignored the entire story when it broke.

Take a look at the Fox Business video on the story below:

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