Elizabeth Holmes (Theranos fraud) sentenced today.

[audreyh1]

Elizabeth Holmes was sentenced to 11.25 years in Federal prison today for her role in the Theranos fraud.

https://apple.news/Ahr207vLWQqawVIVI3UHvlw

The whole process was really drawn out due to the Covid pandemic.

The Hulu original series about Elizabeth Holmes called “The Dropout” was very well done and an enjoyable watch. It really brought out some interest intrigues.

 

[Another Reader]

I know a couple of people in the Bay Area in related businesses. Apparently the problem was well known in the industry long before the take down. People were surprised that so many employees stayed, knowing of the problem.

 

[audreyh1]

I thought the George Schulz link was fascinating.

 

[Fermion]

Evidently getting pregnant doesn't cause the judge to let you off the hook.

 

[RobbieB]

Aw, nothing cuter than a prison birth.

 

[COcheesehead]

The entire concept of Theranos was a lie from the beginning.

 

[NW-Bound]

I read the 2018 book by John Carreyrou: "Bad Blood: Secrets and Lies in a Silicon Valley Startup".

Excerpt from the book: "Hyping your product to get funding while concealing your true progress and hoping that reality will eventually catch up to the hype continues to be tolerated in the tech industry."

This scheme is succinctly called "Fake it till you make it". Unfortunately, things that are too far out just cannot be made.

When does one stop instead of just piling on lies after lies? I don't think people ever learn.

See: https://en.wikipedia.org/wiki/Fake_it_till_you_make_it

 

[SecondAttempt]

The entire concept of Theranos was a lie from the beginning.

I met EH at a very small business development luncheon in about 2005. She gave a talk and and described her company and ideas. It was a monthly luncheon and while I remember her talk, what I remember most was that she seemed very vague on the technology and seemed personally kind of overwhelmed. It was pretty normal for presenters to be a little vague about technical details but she was especially guarded. But most presenters were excited and enthusiastic not overwhelmed. This was a group that had technologies that could have benefited her company yet she did not seem to have any interest in engaging.

I have no sympathy for her though. Fraud is fraud.

 

[Scuba]

I read the 2018 book by John Carreyrou: "Bad Blood: Secrets and Lies in a Silicon Valley Startup".

Excerpt from the book: "Hyping your product to get funding while concealing your true progress and hoping that reality will eventually catch up to the hype continues to be tolerated in the tech industry."

This scheme is succinctly called "Fake it till you make it". Unfortunately, things that are too far out just cannot be made.

When does one stop instead of just piling on lies after lies? I don't think people ever learn.

See: https://en.wikipedia.org/wiki/Fake_it_till_you_make_it

I read the book too. Excellent read. Glad she is going to prison.

 

[2HOTinPHX]

Just saw this report on local Phoenix news tonight. Seems like a lot of people were guinea pigs here.

Arizona was ground zero for the failed tech.

During last year's criminal trial, a Phoenix woman testified in the trial the Theranos test falsely told her she had HIV.

A Mesa woman testified she found out she was pregnant – and a Theranos test told her she was headed for a miscarriage. She had a healthy baby.

https://www.12news.com/article/news...-role/75-9b9a932c-73c0-41cf-9bd8-bcb7f2c3d449

 

[Midpack]

I have no sympathy for her though. Fraud is fraud.

Who does? Some would argue she’s gotten off light if they know the story and the lengths EH went to in perpetuating the lie.

”dozens of investors lost $700 million and numerous patients received unreliable or wholly inaccurate medical information from Theranos’ flawed tests, placing those patients’ health at serious risk.”

 

[Luvtoride]

I followed the story of Theranos for years reading the Wall St. Journal and I watched the Bad Blood series, shortly after watching “We Crashed” the Adam Neuman/ We Work debacle.

The hubris and greed of these “charismatic” entrepreneurs is what seems to set them apart and allows them to con so many people.

Sounds like another character we will are reading about now and will eventually be watching the series…Samuel Bankman-Fried and FTX.

They keep coming along and that will never stop.

 

[DrRoy]

The Hulu original series about Elizabeth Holmes called “The Dropout” was very well done and an enjoyable watch.

+1

 

[easysurfer]

She's kind of like another Bernie Madoff .

 

[NameTaken2]

Remember seeing one of those Cramer "put them on a pedestal" interviews with her several years ago.
No I don't follow Cramer -watch rarely and for entertainment only!

 

[donheff]

Read the book, watched the series, watched the we work series and read that book, waiting for the books/series about Sam Bankman-Fried. The rise and fall of these charismatic narcissists is endlessly fascinating probably because we enjoy seeing that karma appears to have caught up to them. But lots more of their ilk undoubtedly keep faking it till they die without consequence.

 

[frayne]

Remember seeing one of those Cramer "put them on a pedestal" interviews with her several years ago.
No I don't follow Cramer -watch rarely and for entertainment only!

Yesterday's hero, today's zero.

 

[cyber888]

Seems like she purposely got pregnant twice during the hearings to get the judge and jury to lighten her sentence as a mother with new born babies. I guess she saved 5 - 9 years Jail time - seems to have worked. But nowhere near the 18 months she wanted.

 

[JoeWras]

I easily could have been scammed by her.

I saw the morning CNBC interview with her and was impressed. Later that week, we had a discussion about Theranos at w*rk, and one of my cow*rkers in the discussion was company "ambassador for women in tech." She looked her up and saw the interview.

She was NOT impressed. Her spidey senses saw right through the blue eyes.

This aspect is portrayed in the mini-series. Holmes set back women in tech with these antics. Like it or not, people use it to stereotype.

 

[Unpaintedhuffhines]

Sure she has to go to prison, but does that count as ER? Silver lining and all that.

 

[Car-Guy]

Not ER as I think about it , but she'll certainly have a very low annual cost of living rate.

 

[Fermion]

We sent Martha Stewart to prison for Pete's sake! I don't know how EH was expecting to go free.

 

[Car-Guy]

^^^^^
"They" have to make examples of a "few" high profile individuals that actually belong there. (IMO)

 

[bobandsherry]

Seems like she purposely got pregnant twice during the hearings to get the judge and jury to lighten her sentence as a mother with new born babies. I guess she saved 5 - 9 years Jail time - seems to have worked. But nowhere near the 18 months she wanted.

Appeal process may see sentence lightened, so stay tuned.

 

[Fermion]

Appeal process may see sentence lightened, so stay tuned.

If it works, perhaps the FTX guy could identify as female and arrange some surrogate thing, if he ends up getting prosecuted.