- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
Elizabeth Holmes barred from federal health programs for 90 years::The former Theranos CEO is barred from receiving payments from federal health program.
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For anyone having trouble remembering her like me, this is the woman that ran the scam blood testing company with “super-duper awesome blood testing machines,” that actually never worked and they just did standard blood tests at huge markups (read: committed fraud).
she also did that goofy fake deep voice for some reason
She read that women with deeper voices get taken more seriously by people around them and can be seen here messing it up.
In the end, that may be what she’s remembered most for
The reason is she got taken more seriously with a deeper voice
The goofy thing is that it worked on the boomers.
Well, at least she hoped she would be
Can’t believe they are letting her do it again in 90 years
11 years in prison first though. Wonder what she will do when she gets out.
Right back to a new scam I bet.
Could be difficult. Name is a bit stained.
Easy, just change the name.
And voice.
Introducing: “Elizabeth Apple”.
Right you are, Fred
So, people actually believed that an 18 or 19-year-old developed this revolutionary tech likely requiring several fields worth of knowledge to bring to fruition? I’m not familiar with the story beyond this article, but it sounds like those investors made a bad call. Not that that makes her less guilty of fraud, but if she didn’t scam them someone else would have.
Investors have money, not brain. I remember an experiment where their compared a fund run by people and another one run by investing totally randomly. The second one won. Investment has never about being good at it, it was always luck that ran the game. We just hear a lot more about those who won big rather the those who ruined themselves.
There are exceptions to this, like Yale, Renaissance, Berkshire, and maybe Citadel. But most, even well-known funds, are run by incompetent people demanding extremely high fees, rendering any advantage they have over index funds essentially null (often even underperforming the market).
Guess she better get working on a life extension technology that actually works.
Only 90 years huh.
Good it wasn’t “for life”!
This is the best summary I could come up with:
At the time, Holmes claimed to have developed proprietary technology that could perform hundreds of medical tests using just a small drop of blood from a finger prick.
The remarkable claim helped her drive the company’s valuation to a stunning $9 billion in 2014, and set up lucrative partnerships.
In today’s announcement, the health department noted that the statutory minimum on exclusions for convictions like Holmes’ is just five years.
But other factors are considered when determining the term, including how long the fraud took place, the length of the prison sentence, and the amount of restitution ordered.
“As technology evolves, so do our efforts to safeguard the health and safety of patients, and HHS-OIG will continue to use its exclusion authority to protect the public from bad actors.”
HHS-OIG also excluded former Theranos President Ramesh Balwani from federal health programs for 90 years.
The original article contains 365 words, the summary contains 144 words. Saved 61%. I’m a bot and I’m open source!
Not sure she was interested in going back in the federal healthcare industry anyway…
