President Barack Obama never thought members of his Administration would be caught in a corruption scandal, or even investigated for treason, but then again Bill Clinton didn’t have sexual relations with that woman either. The left has been brainwashed by the fake news media that Barack Obama did no harm.
Billionaire Elizabeth Holmes, the founder of Theranos, was charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud, according to a statement from the U.S. Attorney’s Office (USAO) in the Northern District of California.
Receiving the same charges as Holmes, 34, was 53-year-old Ramesh “Sunny” Balwani, who worked at Theranos from 2009 through 2016 in various roles including serving on the company’s board of directors, as its chief operating officer, and as its president.
Vanity Fair reported that Holmes & Balwani could “face decades in prison” if convicted.
The USAO notes:
According to the indictment, Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranos’s blood testing laboratory services, even though the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests. The tests performed on Theranos technology, also, were likely to contain inaccurate and unreliable results.
Where is the FDA, or the CDC? Why were they never notified that a blood testing company wasn’t meeting the standards set? Oh, that’s right. The special interest helped keep the law away from this scam of a business. American lives were put at risk, and the federal government failed to do their job. They’re there to protect Americans. This is a classic example of profit over people. The only reason Holmes obtained her Ambassadorship was to make sure she was able to run her business the way she wanted too regardless of how harmful it was, and how inefficient it was run.
Holmes dropped out of Stanford to launch Theranos in 2003 with the goal of offering a less expensive and more efficient way to test for serious medical conditions using blood tests.
The Washington Free Beacon notes that Holmes is “a Clinton donor who was named a Presidential Ambassador for Global Entrepreneurship under former President Barack Obama.”
But remember kids, the Obama administration cared about the middle class and wasn’t bought by Billionaires. It’s funny how these people are appointed to these different positions. Do they buy their way into them by promising the U.S President all these special gifts, and mega checks to their super PACs, or their re-election campaign? Washington D.C is a battleground to see who can get the biggest payday.
When Barack Obama claimed his administration was going to be the most transparent of any in recent history, we all knew he was lying, and our constitutional rights were about to be stripped from our hands. Holmes, Theranos’ founder, and Balwani, the former president, and chief operating officer are charged with two counts of conspiracy to commit wire fraud and 9 counts of wire fraud. If convicted, the pair—who were also linked romantically—face fines of $250,000 per count, plus restitution of over $100 million, and decades in prison. The maximum statutory penalty for both conspiracy to commit wire fraud under 18 USC §1349, and for wire fraud itself under 18 USC §1343 is 20 years per count, and each count could be served consecutively. Holmes finally stepped down but still remains on the board.
The criminal charges came after Holmes in March settled civil fraud charges brought by the Securities and Exchange Commission under which she was barred from serving as an officer or director of a public company for 10 years.
In a statement, Theranos said Holmes would remain chairwoman of the company’s board and David Taylor, the firm’s general counsel, has been appointed its chief executive officer.
Once called the Steve Jobs of biotech, Holmes started Theranos at the age of 19. The company was soon considered a Silicon Valley darling with a $9 billion valuation based on its promise to disrupt the laboratory testing business.
Theranos claimed that its innovative blood-testing device would give quicker and more reliable results than standard blood tests using just a single drop of blood from a finger stick. It failed to produce any results for their claims.
In 2015, The Wall Street Journal reported that Theranos’ devices were flawed and inaccurate, setting off a downward spiral for the company that had attracted investors including venture capital firm DFJ, Walgreens, media mogul Rupert Murdoch and Oracle co-founder Larry Ellison.
Balwani’s attorney categorized Theranos as a “business failure” rather than a fraud case and added that his client is looking forward to the trial to clear his name.
“In over 28 years of practicing law, as both a federal prosecutor and a defense attorney, I have never seen a case like this one, where the government brings a criminal prosecution against a defendant who obtained no financial benefit and lost millions of dollars of his own money,” Jeffrey Coopersmith said in a statement sent to NBC News.