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Elizabeth Holmes
Former CEO of Theranos
Silicon Valley Fraudster Who Endangered Patients with Fake Blood Tests
Overview
Elizabeth Holmes founded Theranos at age 19, claiming to have developed revolutionary blood testing technology that could run hundreds of tests from a single drop of blood. The technology never worked as claimed, and Theranos ran most tests on conventional machines while providing inaccurate results to patients. She was convicted of wire fraud and conspiracy in 2022 and sentenced to over 11 years in prison.
Key Affiliations
Controversies & Concerns
Theranos blood testing technology never worked as advertised; the Edison device could not accurately perform more than a handful of tests from a finger prick
Patients received inaccurate blood test results that led to misdiagnoses, unnecessary medical procedures, and extreme emotional distress
Raised over $700 million from investors including Rupert Murdoch, the DeVos family, and the Walton family based on fabricated demonstrations
Maintained a culture of extreme secrecy and retaliation; employees who raised concerns were threatened with lawsuits and intimidated by lawyers from David Boies firm
Stacked the Theranos board with former political heavyweights including Henry Kissinger, George Shultz, and James Mattis, none of whom had medical technology expertise
Continued soliciting investment and signing deals with Walgreens and Safeway even after internal engineers confirmed the technology was unreliable
Deceived FDA and CMS regulators about the capabilities of Theranos devices and the extent of conventional machine usage
Related Investigations (5)
Elizabeth Holmes and Theranos: Silicon Valley's Billion-Dollar Blood Testing FraudHealthcare Fraud
Tier 1
criticalPharmaceutical Price GougingCorporate Accountability
Tier 1
criticalStartup Fraud: Silicon Valley's Culture of LiesFinancial Crime
Tier 2
highTheranos: Billion Dollar Blood Testing FraudHealthcare Fraud
Tier 1
highTheranos FraudFinancial Crime
Tier 1
criticalKnown Associates & Connections
Ramesh "Sunny" Balwani
Former COO and romantic partner convicted on 12 counts of fraud; oversaw lab operations where tests were run on conventional machines
David Boies
Attorney whose firm intimidated whistleblowers and journalists investigating Theranos
Sources & Documentation
3 documented sources from official records, investigations, and reports
DOJ: United States v. Elizabeth Holmes - Indictment and Conviction(2022)
SEC: Theranos Fraud Charges(2018)
Wall Street Journal: John Carreyrou Theranos Investigation Series(2015)
Personal Information
- Born
- 1984-02-03
- Birthplace
- Washington, D.C.
Education
- •Stanford University (dropped out after freshman year, 2003)
Key Timeline
2003
Founded Theranos at age 19 after dropping out of Stanford
2013-2014
Signed deals with Walgreens and Safeway to put Theranos testing in retail stores
2014-06
Theranos valued at $9 billion; Holmes net worth estimated at $4.5 billion
2015-10
Wall Street Journal published John Carreyreous investigation exposing technology failures
2016-07
CMS banned Holmes from owning or operating a lab for two years
2018-03
SEC charged Holmes with massive fraud; settled with $500K fine and return of shares
2018-06
DOJ indicted Holmes on wire fraud and conspiracy charges
2022-01
Convicted on four counts of wire fraud and conspiracy against investors
2022-11
Sentenced to 11 years and 3 months in federal prison