Theranos Elizabeth Holmes: Scandal in United States 2024

Theranos Elizabeth Holmes is an American Businesswomen and a founder of Theranos, a health technology company that claims to have produced blood tests that only take a little bit of blood and can be conducted quickly using small automated instruments it has built. Forbes labeled her the youngest self-made billionaire in the United States in 2015 based on the value of her company.

She graduated from Stanford University but was later dropped from the university. In 2003, After dropping out of college, she discovered Theranos, which stands for “treatment and diagnosis.”

At the age of 19, Elizabeth Holmes started his own firm, Theranos, which raised a substantial amount of money, raising roughly $700 million in cash and valuing the company at $10 billion dollars between 2013 and 2015. Holmes began seeking funds for Theranos from high-profile investors like as Larry Ellison, the creator of Oracle, and Tim Draper,Theranos raised more than $700 million.

Theranos founder & CEO Elizabeth Holmes was born on February 3, 1984, in Washington, D.C., United States. She is also known for her full name as Elizabeth Anne Holmes.

Her firm, Theranos, was liquidated at this point in 2018, but she was accused by a financial regulator in March with cheating investors out of about $700 million. Soon after, she was charged with wire fraud along with COO Sunny Balwani.

Holmes was granted bail and married William “Billy” Evans, a 27-year-old heir to the Evans Hotel Group group of hotels, in 2019. In July of past year, they welcomed a son.

In 2018, a federal grand jury charged Ramesh Balwani, the former CEO of Theranos, and Elizabeth Holmes with nine counts of wire fraud conspiracy for mailing blood tests with fake results to customers.

Finally, Elizabeth Holmes was found guilty and charged with fraud and conspiracy on January 3rd, 2022. She might face a maximum term of 20 years in jail, according to press reports.

Here her famous quotes which apparently turn out to be the opposite.

“The minute you have a back-up plan, you’ve admitted you’ re not going to succeed.”

“Asking Yourself whether you”re wrong is a really good thin..If you really feel strong conviction than you’re doing the right thing, THEN KEEP GOING”

Elizabeth Holmes

Quick Facts

Theranos Elizabeth Holmes | What happens to Elizabeth Holmes?

Elizabeth Holmes climbed to become the world’s wealthiest businesswoman in 2014, but her reputation and money were tainted by the fraud the following year.

• In 2015, the Wall Street Journal published an article in which Holmes’ narrative was revealed, but not just in the newspaper, but also a Netflix series had covered her documentary, which raised many questions about the technology used in blood testing.

• When he started his company at the age of 19, she claimed to have designed high-tech medical technology equipment that could monitor and map our health with a single drop of blood from the patient. She said cancer can be prevented before it causes or before it happens to us.

• She created a blood-testing device that can map our health and according to her, she will make them available in various stores, pharmacies, and supermarkets in the United States.

• With such a notion, many high-profile persons and wealthy individuals began to invest in her company, earning her the moniker “Self-Made Richer Woman” in the United States.

• Elizabeth states that her company name Theranos has a very unique meaning “ that is able to see the onset of the disease on time to be able to do something about it.”

• In 2015, medical academics researcher John and Eleftherios Diamandis, as well as other Wall Street Journal journalists, revealed the Theranos technology, calling the company’s fraud technique into doubt. They wrote a news article exposing the Theranos Elizabeth Holmes on the “The Wall Street Journal.”

• After the Wall Street Journal published its article, Holmes went on CNBC’s program called “Mad Money” and said “This is what happens when you try to change things and people first think you’re crazy, then fight you, and then all of a sudden you change the world,”

• Even after disclosing Theranos’ technology, the U.S. Securities and Exchange Commission( SEC) accused business president Ramesh Balwani alias Sunny of fraud after two years.

• According to Business Insider news, the blood testing equipment was not yet suitable for public use, and there was no guarantee that the findings would be reliable. Despite the misleading results, Theranos utilizes the same equipment as established blood testing companies.

Theranos Elizabeth Holmes Sunny Balwani

Ramesh Balwani, also known as Sunny Balwani, was born in Pakistan but moved to the United States as a youth. He earned a bachelor’s degree in information systems from the University of Texas in Austin. He joined Theranos in 2009 and eventually became the company’s chief operating officer.

• Ramesh Balwani, also known as Sunny Balwani, was born in Pakistan but moved to the United States as a youth. He earned a bachelor’s degree in information systems from the University of Texas in Austin. He joined Theranos in 2009 and eventually became the company’s, Chief Operating Officer.

• Theranos’ facility in California, which is located in the United States, was under investigation in January 2016. The Centers for Medicare and Medicaid Services (CMS) sent the firm a letter, and by the end of March 2016, CMS officials had placed a two-year ban on Chief Operating Officer Sunny for conducting a fraudulent blood lab test.

• In addition, Other charges of fraud against Theranos include assertions that the company’s technology was used in combat scenarios by the US Department of Defense despite the fact that it had never been deployed.

• They were accused by the Securities and Exchange Commission of securities fraud for raising more than $700 million via their elaboration and making misleading statements about the company’s technology, which was not as promised.He was accused in court with refuting the allegations of abuse in court documents, describing them as false and inflammatory.

• The Ramesh Balwani trial was supposed to start in October 2020, however, because of COVID-19 issues, it has been moved back until January 11, 2022.

Quick Facts

Name	Ramesh Balwani
Nickname	Sunny Balwani
Born On	13-Jun-65
Age	56 (2021)
Birthplace	Sindh, Pakistan
Professional	Chief Operating Officer
Education	University of California  (MBA)
Known As	COO of Theranos
Martial Status	Divorced (2002)
Wife	Keiko Fujimoto
Active Year	2003-1016
Charged With	Scheme to defraud investors

Elizabeth Holmes Trial

• Following a court decision banning the firm from doing public blood tests, Elizabeth shut down all of its testing and lab operations in October 2016.

• In Arizona, Elizabeth Holmes was also engaged in other legal claims involving erroneous blood tests. Her lawyers were not paid for more than a year and were eventually asked to leave Holmes’ legal team.

• When a court concluded that certain patients’ finances were not at risk, Holmes’ lawyers had the accusations against her withdrawn in February 2020, and the trial was then moved back to October 2020 and postponed to March 2021.

• However, in March 2021, Elizabeth asked that the trial be postponed until August 31 because she was pregnant. The court agreed to her request, and she gave birth to a boy in July.

• The trial began in September 2021, with the prosecutors’ opening statement being,

“Out of time and out of money, Elizabeth Holmes choose to lie.” Defended’s remark, on the other hand, was “Failure isn’t a bad thing. It is not a crime to give it your all and yet fall short.

• For the trial, a series of people take witnesses stand. More than 210 persons were expected to testify, and the trial ended with over 30 witnesses, including her former Theranos employee, patients, physicians, and investors. High-profile individuals such as Henry Kissinger, James Mattis, and Holmes herself testified in court to defend the corporation. On the testimony, Holmes said that during their relationship, Balwani assaulted her emotionally and sexually.

• She also added that,Holmes was accused by Balwani and forcing her to have a physical connection with him, but it appears that he would say so because he wanted her to know that he still loves her.

• And she said that her firm, Theranos, only utilized modified devices for investors because the machines were trade secrets that needed to be preserved, according to her company counsel.In early December, the defense rested its case after seven days on the stand.

• On December 17, after a 15-week trial, Holmes’ case was presented to a jury of eight men and four women.The jury returned a mixed judgment for Holmes, finding her guilty of investors money fraud and also 3 counts of wire fraud. The court found her guilty of investment fraud, but not of any charges involving patients who received falsified test results.

• She was found guilty of three charges of wire fraud, each of which carries a potential sentence of 20 years in prison and a $2.5 million fine. The date for the sentence, however, has not yet been set as further hearing has been scheduled for next week.

Theranos Elizabeth Holmes Net Worth 2022

Elizabeth Holmes’ net worth was estimated to be approximately 4.9 billion dollars in 2015, although she has already lost billions of dollars after her indictment in 2018.

• Her 50 percent stake in Theranos is one of the reasons why her net worth is at an all-time high. Holmes net worth has dropped from $4.5 billion to $1 billion as a result of the numerous problems that have surrounded her.

• She is now in debt to a number of stakeholders after the company was shut down. According to sources, Holmes resolved civil accusations brought by banking regulators accusing her of defrauding investors of $700 million.

How much money does Elizabeth Holmes have today?

• Elizabeth Holmes net worth is unknown at this time; nevertheless, several media outlets have alleged that she has a substantial sum of money obtained from defrauding investors, patients, and physicians.

• That implies her net value is nothing or close to zero, and her legal debt is projected to climb following the final announcement next week.

Some Common Question Asked

How old is Elizabeth Holmes?

Elizabeth Holmes was born on February 3, 1984, and she is currently 37 years old. In February of this year, she will turn 38 years old.

Is Theranos case still open?

Yes, Theranos Elizabeth Holmes case is still open however, She was found guilty of three charges of wire fraud, each of which carries a potential sentence of 20 years in prison and a $2.5 million fine. The date for the sentence, however, has not yet been set as a further hearing has been scheduled for next week.

How old is Elizabeth Holmes’s husband?

Elizabeth Holmes married William “Billy” Evans. Billy Evans is 29 years old now. Her husband was born in 1993.

How Old was Elizabeth Holmes when she started Theranos?

Elizabeth Holmes was 19 years old when she founded Theranos, and she was also dropped out of college owing to her emphasis on her new venture.