Elizabeth Holmes barred from federal health programs for 90 years

Comments

• Ganbat@lemmyonline.com ⁨9⁩ ⁨months⁩ ago

  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).

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  • tourist@lemmy.world ⁨9⁩ ⁨months⁩ ago

    she also did that goofy fake deep voice for some reason

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    • Nythos@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

      She read that women with deeper voices get taken more seriously by people around them and can be seen here messing it up.

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    • captainlezbian@lemmy.world ⁨9⁩ ⁨months⁩ ago

      The reason is she got taken more seriously with a deeper voice

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    • frunch@lemmy.world ⁨9⁩ ⁨months⁩ ago

      In the end, that may be what she’s remembered most for

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    • TheGrandNagus@lemmy.world ⁨9⁩ ⁨months⁩ ago

      Our silly monkey brains interpret deeper voices as being more authoritative.

      It’s likely she was taking advantage of that human quirk to make her seem, on a subconscious level, like a better businessperson.

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• blackfire@lemmy.world ⁨9⁩ ⁨months⁩ ago

  11 years in prison first though. Wonder what she will do when she gets out.

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  • ours@lemmy.world ⁨9⁩ ⁨months⁩ ago

    Right back to a new scam I bet.

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    • aleq@lemmy.world ⁨9⁩ ⁨months⁩ ago

      Could be difficult. Name is a bit stained.

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    • Rascabin@lemmy.ml ⁨9⁩ ⁨months⁩ ago

      Right you are, Fred

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• TheRedSpade@lemmy.world ⁨9⁩ ⁨months⁩ ago

  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.

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  • Dremor@lemmy.world ⁨9⁩ ⁨months⁩ ago

    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.

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    • Poutinetown@lemmy.ca ⁨9⁩ ⁨months⁩ ago

      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).

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  • Etterra@lemmy.world ⁨9⁩ ⁨months⁩ ago

    Scamming rich people is a victimless crime.

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  • fidodo@lemmy.world ⁨9⁩ ⁨months⁩ ago

    They were a mix of tech investors who thought they were so smart they knew everything, and clueless conservatives. People actually in the health industry didn’t touch her with a 10 foot pole. I don’t have any sympathy for the idiot investors, but she also defrauded patients with her tech.

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  • dasgoat@lemmy.world ⁨9⁩ ⁨months⁩ ago

    The only good thing to come out of this is that she scammed Henry Kissinger because, contrary to popular belief, he’s a dumb idiot who got scammed by a kid.

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  • DingoBilly@lemmy.world ⁨9⁩ ⁨months⁩ ago

    You don’t understand investing if this is your view.

    Investors like these make 100s of these investments, and expect at least 50% of them to fail. If theranos was successful they’d make 100x their money back, and that’s the whole point. You only need 1 or 2 of those out of 100 and you’re making absolute bank.

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• iopq@lemmy.world ⁨9⁩ ⁨months⁩ ago

  Can’t believe they are letting her do it again in 90 years

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• 1984@lemmy.today ⁨9⁩ ⁨months⁩ ago

  Only 90 years huh.

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• RobotToaster@mander.xyz ⁨9⁩ ⁨months⁩ ago

  Guess she better get working on a life extension technology that actually works.

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• GiddyGap@lemm.ee ⁨9⁩ ⁨months⁩ ago

  Not sure she was interested in going back in the federal healthcare industry anyway…

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  • bhamlin@lemmy.world ⁨9⁩ ⁨months⁩ ago

    I dunno, it worked once it could work again…

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• autotldr@lemmings.world [bot] ⁨9⁩ ⁨months⁩ ago

  This is the best summary I could come up with:

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  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.

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  The original article contains 365 words, the summary contains 144 words. Saved 61%. I’m a bot and I’m open source!

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