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2022-01-04 -Lurid Crime Tales-

Biden played big role in promoting convicted fraudster Elizabeth Holmes and Theranos

See also here.

[Washington Examiner] Then-Vice President Joe Biden played a key role in helping further the billion-dollar con job perpetrated by Elizabeth Holmes, lavishing the disgraced Theranos founder with praise in 2015.

Holmes, whose company falsely claimed to be able to conduct wide-ranging and revolutionary life-saving tests using only tiny drops of blood, was found guilty on Monday on one federal charge of conspiracy to defraud investors and three counts of wire fraud. She faces up to 20 years in prison per count.

Holmes, now 37, and her longtime business partner Ramesh "Sunny" Balwani were indicted in June 2018 for two counts of conspiracy to commit wire fraud and nine counts of wire fraud. The jury for Holmes did not reach a verdict on three of the wire fraud charges and found her not guilty of a conspiracy to defraud patients and not guilty on three of the other wire fraud charges. Another count against Holmes was dropped.

Balwani's trial is scheduled to begin later this month.

Theranos touted Biden’s July 23, 2015 visit to its headquarters in a lengthy press release, calling it "A New Era of Preventive Health Care" summit. Both the company and Biden repeatedly posted on Twitter about the event.

Posted by Besoeker 2022-01-04 05:54|| || Front Page|| [11139 views ] Top

#1 Did Biden's endorsement come with the usual fees ?

Posted by Besoeker 2022-01-04 05:58|| 2022-01-04 05:58|| Front Page Top

#2 The Theranos investors who were duped out of millions: Rupert Murdoch sank $125M into the doomed blood-testing company, Henry Kissinger put in $3M and former education secretary was defrauded out of $100M

Posted by Skidmark 2022-01-04 06:16|| 2022-01-04 06:16|| Front Page Top

#3 Oooooooohhhhhh — in answer to the question I posed in another article on the subject posted today, Skidmark’s link reports that the generally-acknowledged-as-brilliant board members and clever, connected others between them lost over $300 million on their investment in the company, as sound a spanking short of jail time as I could hope for those who failed so spectacularly in their fiduciary duty to oversee the company.

Posted by trailing wife 2022-01-04 11:20|| 2022-01-04 11:20|| Front Page Top

#4 ^ Just puts them of a mind to look for a "sure thing" to recoup their losses on, i.e. another war to nowhere.

Posted by M. Murcek 2022-01-04 11:22|| 2022-01-04 11:22|| Front Page Top

#5 the people on the Theranos board of directors may be safe from criminal prosecution by virtue of 'idiot defense', i.e., "I'm just a corporate director, how am I supposed to know that our documents are completely fraudulent"

but there is civil liability that won't work that way

Posted by Lord Garth 2022-01-04 11:39|| 2022-01-04 11:39|| Front Page Top

#6 What happened (penalty wise) to Enron board members? Worldcom board members? Not much, as I recall.

Posted by M. Murcek 2022-01-04 11:47|| 2022-01-04 11:47|| Front Page Top

#7 in the Enron case, only directors who were employees of Enron were charged (Enron collapsed in 2001)- officers outside employees were not charged (some testified as witnesses for the prosecution)

interestingly the accounting firm of Arthur Anderson was also convicted but the conviction was overturned on appeal based on incorrect direction to the jury. The outside officers also lost a lot of money as their compensation had been in shares of Enron.

civil suits proceeded for years after and the last settlements were, I think, completed in 2009 or so.

Posted by Lord Garth 2022-01-04 15:20|| 2022-01-04 15:20|| Front Page Top

#8 Plugs the Pathological Liar recognized a kindred spirit.
Maybe he copped a free sniff or two as well

Posted by Merrick Ferret 2022-01-04 22:24|| 2022-01-04 22:24|| Front Page Top

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