Theranos Inc. founder Elizabeth Holmes and former COO and president Ramesh “Sunny” Balwani have been indicted on charges relating to an alleged multimillion-dollar scheme to defraud investors, doctors and patients while boasting of revolutionary blood-testing technology.
Alex G. Tse, the acting U.S. attorney for the Northern District of California, announced Friday that a grand jury had indicted Holmes and Balwani on two counts of conspiracy to commit wire fraud and nine counts of wire fraud. The indictment alleges that Holmes and Balwani knew Theranos’ blood analyzer could not deliver on the public promises they were making.
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