The despicable Elizabeth Holmes has stepped down as the CEO of Theranos, the company she founded in order to bilk millions out of investors.
Holmes has been indicted by a federal grand jury on charges of wire fraud. Chief Operating Officer Ramesh “Sunny” Balwani has been indicted as well.
It’s great news!
It is not known if authorities are investigating board member and former U.S. Secretary of State George Schultz.
In all, Holmes and Balwani are charged with nine counts of wire fraud and two counts of conspiracy to commit wire fraud according to the U.S. Attorney’s office.
Holmes and Balwani maintain they are innocent.
Investors believed Holmes when she claimed that Theranos’ technology could run blood tests using just a few drops of blood, a process that was much less expensive than testing methods currently being used. She lied.
Besides investors, Holmes and Balwani lied to doctors and patients as well, pushing them to use Theranos technology even though they knew they could not produce accurate and reliable results.
In short, they were willing to kill patients to make money.
Holmes and Balwani are looking at as much as 20 years in the slammer. They both deserve every second of it.