Theranos CEO and former president charged with massive fraud
There is a lot of attention being paid to "Pharma Bro" Martin Shkreli, but how about the $750 million to be paid back to investors of the highly touted Theranos after the CEO Elizabeth Holmes admitted to giving misleading statements about the viability of a new mobile blood testing lab. Thanks to investigative reporters from the Wall Street Journal, regulators and SEC investigators looked closer at the claims made by Holmes and Theranos.
The details might be complex and convoluted by the characteristics of an industry most people do not understand, but the scam is nothing new. A pitch-man (pitch-woman in this case) has an innovative new product that will turn an entire industry on it's head, but when the bill's come due, the customer is left with a bottle of snake oil and an empty wallet.
