Healthcare fraud Investor fraud
Theranos blood-testing fraud
Theranos claimed it could run most lab tests from a finger prick, but the technology failed to work as advertised while investors were told otherwise.
Jan 1, 2003 - Sep 4, 2018
Summary
Theranos marketed a compact blood-testing device that promised fast, inexpensive diagnostics. Investigations later revealed that most tests were performed on conventional analyzers, and internal reports raised concerns about accuracy.
Regulators and prosecutors alleged that misleading claims about the technology and business performance were used to raise capital from investors. Civil enforcement actions and criminal proceedings followed.
Timeline
Mar 14, 2018
SEC Charges Theranos, CEO Elizabeth Holmes, and Former President Sunny Balwani with Massive Fraud
U.S. Securities and Exchange Commission
Jan 3, 2022
U.S. Department of Justice: Theranos founder convicted of defrauding investors
U.S. Department of Justice
Sources
U.S. Department of Justice: Theranos founder convicted of defrauding investors
U.S. Department of Justice - 2022-01-03
SEC Charges Theranos, CEO Elizabeth Holmes, and Former President Sunny Balwani with Massive Fraud
U.S. Securities and Exchange Commission - 2018-03-14
Key facts
Date range
Jan 1, 2003 - Sep 4, 2018
Countries
United States
Fraud types
Healthcare fraud, Investor fraud
Estimated amount
$724,000,000
Who is involved