The U.S. Securities and Exchange Commission announced Wednesday it has charged Silicon Valley blood-testing company Theranos, its current CEO Elizabeth Holmes, and former President Ramesh “Sunny” Balwani with massive investor fraud.

In a press release, the SEC said the defendants raised more than $700 million from investors “through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”