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Thread: The amazing story of Elizabeth Holmes, a female, self-made multi-billionaire at age 32 who built it all on a big medical testing scam

  1. #41
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    Quote Originally Posted by Dan Druff View Post
    Quote Originally Posted by Sidewinder View Post

    Ruth Parasol. She is without peer when it comes to successful, self-made women entrepreneurs.

    Prettier too. Believe that.
    After law school, Ruth went to work for one of her dad's phone businesses for a while – an audiotex pay-per-call 900 number provider. It grew rapidly from a domestic to a global enterprise before transitioning to Internet services in the mid- 90s.
    That's an interesting way of describing a phone sex line.
    Who cares, she's legit.

    Look, a lot of people made money during the internet gambling boom but no American made anything remotely close to what she made and stayed out of jail.

    It is what it is.

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    Gold Shizzmoney's Avatar
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    http://www.miraclecovers.com

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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    Gold DonaldTrumpsHairPiece's Avatar
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    Its a very slow roll on her, very slow...

    http://arstechnica.com/business/2017...re-things-out/

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    https://www.wsj.com/articles/therano...77878?mod=e2tw

    Theranos Had $200 Million in Cash Left at Year-End
    Blood-diagnostics company had no material revenue in 2015 and 2016, sources say


    By CHRISTOPHER WEAVER
    Updated Feb. 16, 2017 3:59 p.m. ET
    2 COMMENTS
    Theranos Inc., the embattled blood-diagnostics firm, is on life support.

    The Silicon Valley company had $200 million of cash on hand at the end of 2016, people familiar with the matter said, less than a quarter of the funding it raised from investors and partners.

    The number was disclosed in a conference call with investors last month. Investors also were told the firm didn’t generate any material revenue in 2015 and 2016 and hasn’t set aside funds for any potential liability that could arise from its pending legal challenges. The firm has yet to receive regulatory approval for a new business line it said it is pursuing.


    The financial predicament facing Theranos shows how vulnerable it is to any adverse judgments from multiple lawsuits, as well as civil and criminal investigations and pending federal regulatory actions against it.

    A large, unplanned expense could cripple the firm, which once sought to upend the medical lab business by offering cheap tests done on small samples of blood.

    Theranos declined to comment.

    Theranos investor Partner Fund Management and the blood-diagnostics company’s former retail partner Walgreen Co., a unit of Walgreens Boots Alliance Inc., have both sued the company. They seek to recover a total of around $240 million from Theranos. Partner Fund alleges Theranos made misleading statements in connection with its investment and Walgreens alleges it breached a contract.

    Theranos has said the suits are without merit and is fighting them.

    After The Wall Street Journal raised questions about Theranos’s technology and practices, federal health regulators last year investigated and revoked the testing license from Theranos’s main lab and banned founder Elizabeth Holmes from the lab industry for at least two years. The Securities and Exchange Commission and Justice Department also opened probes into the company.

    Theranos said it is cooperating with the probes and appealing the regulatory sanctions, which are on hold pending the outcome of those proceedings. It exited the lab business in October, saying it was retrenching to focus on developing new miniaturized testing technology.

    Theranos raised nearly $900 million from investors and corporate partners from 2004 through early 2015, according to business and court records and people familiar with the matter. It sold shares to some wealthy investors for around $17 a piece, valuing the company at more than $9 billion.

    In the January call, the company also told investors it had no debt, excluding $40 million in debt held by Walgreens that is convertible into equity.

    A spokesman for Walgreens, which pulled out of its partnership with Theranos in June, declined to comment.


    To execute on its current strategy and generate cash flow to sustain the company, Theranos will have to get any new diagnostic equipment it plans to sell to customers, including a platform it calls the miniLab, approved by the Food and Drug Administration.

    Companies need to collect and submit data to the FDA that shows their equipment performs similarly to other approved devices to get such approval. The process can take many months.

    Theranos has said it plans a submission and added a new technology-advisory board to help it prepare medical-journal articles and scientific-meeting presentations in January.

    The FDA said it couldn’t comment on potential product applications.

    People familiar with the matter said Theranos spent as much as $20 million a month at points last year.

    The firm has significantly downsized in recent months, shedding more than 300 workers when it closed its two labs last year, and another 155 in January as part of what it described as a re-engineering of its operations.

    Now, it is spending far less, the people said, amid cost-cutting.

    On Thursday, a Delaware judge scheduled a June trial in the Partner Fund suit. The appeal of the regulatory sanction is set to begin next month.

  5. #45
    Owner Dan Druff's Avatar
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    Has a relatively new company ever recovered from something like this?

    I can't think of it happening once.

    I guess they have no other options at this point but to use the final $20m as a hail Mary to get back into viability, and they figure that losing the lawsuits won't matter if they're broke.

    Honestly Elizabeth Holmes and any other high-level execs aware of the scam should go to prison.

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    Owner Dan Druff's Avatar
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    Theranos' newest plan:

    They're giving investors extra shares of the company if they promise not to sue.

    https://techcrunch.com/2017/03/23/th...se-not-to-sue/

    This offer is only open to "later stage" (2015) investors. Amazingly, most of them are on board with this plan. They must not understand the simple concept that a higher percentage of 0 is still 0.

    One investor refusing this is Rupert Murdoch. In a move which laughably demonstrates how little faith Murdoch has in Theranos, he is selling all of his shares (worth $121 million) back to Theranos for $1. Not $1 each. $1 total! Why? Because Murdoch prefers to take a $121 million loss which he can write off against his profitable ventures for tax reasons. So Theranos is more valuable to Murdoch as a tax loss than it is as an asset. Ouch.

    They apparently still have $150 million cash on hand.

    I have no idea where Theranos thinks it's going. Its reputation is forever tainted, its technology doesn't work, and their labs have all been closed. Company is circling the drain.

  7. #47
    Owner Dan Druff's Avatar
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    The comments in the story I linked above are hilarious.

    It's like doubling your investment in the titanic long after it has hit the iceberg. Am I missing something here?

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    There is an old saying when it comes to these type of companies: in the beginning the promoter has the vision and the investors have the money. In the end, the promoter has the money and the investors have the vision.

    She belongs in prison but nothing will happen to her. There are dozens of scams like this that are publicly traded yet the government doesn't care. Somehow all the scams end up in your 401k and pension plan mutual funds. Just a coincidence I guess.

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    Quote Originally Posted by snake_in_the_ass View Post
    There is an old saying when it comes to these type of companies: in the beginning the promoter has the vision and the investors have the money. In the end, the promoter has the money and the investors have the vision.

    She belongs in prison but nothing will happen to her. There are dozens of scams like this that are publicly traded yet the government doesn't care. Somehow all the scams end up in your 401k and pension plan mutual funds. Just a coincidence I guess.
    Well said... "when a person with money meets a person with experience, the person with experience ends up with the money and the person with the money ends up with the experience..."

    I mean - how is this fake company still around? WTF

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    Golf Professional Tegnation22's Avatar
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    Hyped up company with no revenue, plenty of venture capital, and a non existent product. Theranos will crumble and I don't see Holmes getting another executive position after this drawn out mess. I wouldn't be surprised if she ended up on the Board of Directors for some upstart in a far flung industry.
    "I hit that shot because it was a defining moment and when a defining moment comes along, you either define the moment or the moment defines you" Roy "Tin Cup" Mcevoy

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    Hello everyone! I'm writing from Cambridge, UK, where I am researching Theranos and Elizabeth Holmes. Please can anyone who knows somebody who worked for Theranos or one of its investors or lawyers or in a lab where Theranos equipment was used, contact me. I'd love to hear more about this extraordinary story. I'd like the info as soon as possible, to make a decision about whether or not I should do more digging around on what exactly happened during 2015-16. Looking forward to hearing back from people! Best wishes - Katie.

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    Quote Originally Posted by Katie View Post
    Hello everyone! I'm writing from Cambridge, UK, where I am researching Theranos and Elizabeth Holmes. Please can anyone who knows somebody who worked for Theranos or one of its investors or lawyers or in a lab where Theranos equipment was used, contact me. I'd love to hear more about this extraordinary story. I'd like the info as soon as possible, to make a decision about whether or not I should do more digging around on what exactly happened during 2015-16. Looking forward to hearing back from people! Best wishes - Katie.



    What are you wearing?

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    Quote Originally Posted by Katie View Post
    Hello everyone! I'm writing from Cambridge, UK, where I am researching Theranos and Elizabeth Holmes. Please can anyone who knows somebody who worked for Theranos or one of its investors or lawyers or in a lab where Theranos equipment was used, contact me. I'd love to hear more about this extraordinary story. I'd like the info as soon as possible, to make a decision about whether or not I should do more digging around on what exactly happened during 2015-16. Looking forward to hearing back from people! Best wishes - Katie.
    Pics or GTFO.

     
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    Cubic Zirconia Colonel Nigel Fabersham's Avatar
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    Quote Originally Posted by Katie View Post
    Hello everyone! I'm writing from Cambridge, UK, where I am researching Theranos and Elizabeth Holmes. Please can anyone who knows somebody who worked for Theranos or one of its investors or lawyers or in a lab where Theranos equipment was used, contact me. I'd love to hear more about this extraordinary story. I'd like the info as soon as possible, to make a decision about whether or not I should do more digging around on what exactly happened during 2015-16. Looking forward to hearing back from people! Best wishes - Katie.
    Greetings!

    Colonel Nigel Fabersham here.

    So glad to see a bird from the UK posting on this forum. The few females here tend to be from across the pond.

    Despite my British locale, I have done extensive research on Theranos and Elizabeth Holmes, and can direct you to several contacts whom you would find most interesting.

    However, it is of the utmost importance that we verify you are really female, and not simply being economical with the truth regarding your identity. I don't want to be flogging a dead horse with this sort of thing.

    Please provide us with some recent pictures of yourself, and I shall then give you the nod.

    Tally ho, pip pip, and let's get on with it!

     
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    Ah yes the Super Swindlers.
    Global Crossing, first story.

    I'm not sure if she meets the requirements to get away with a swindle of this caliber. This may be a new era.
    Last edited by FPS_Russia; 06-03-2017 at 07:39 PM.

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    Owner Dan Druff's Avatar
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    BUMP

    Theranos and Elizabeth Holmes settle fraud charges with the SEC: https://ca.reuters.com/article/busin...CN1GQ2HC-OCABS

    They were charged with "massive fraud".

    Sadly, none of the settlement includes any kind of prison time or criminal convictions.

    Holmes "must return millions of shares to the privately held company, pay a $500,000 fine and cannot serve as an officer or director of a public company for 10 years."

    Yawn.

    Next they're going to go after Ramesh "Sunny" Balwani, Theranos president. This guy was a complete asshole, and was known for bullying and threatening any employees who questioned the legitimacy of Theranos' scam blood test procedures.

    Both of these fraudsters should be in a prison cell, not simply making deals to give up shares and pay moderate fines.

    I still don't know how this company is standing. Who would trust them for anything at this point?

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    Gold Charham's Avatar
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    Quote Originally Posted by Dan Druff View Post
    BUMP

    Theranos and Elizabeth Holmes settle fraud charges with the SEC: https://ca.reuters.com/article/busin...CN1GQ2HC-OCABS

    They were charged with "massive fraud".

    Sadly, none of the settlement includes any kind of prison time or criminal convictions.

    Holmes "must return millions of shares to the privately held company, pay a $500,000 fine and cannot serve as an officer or director of a public company for 10 years."

    Yawn.

    Next they're going to go after Ramesh "Sunny" Balwani, Theranos president. This guy was a complete asshole, and was known for bullying and threatening any employees who questioned the legitimacy of Theranos' scam blood test procedures.

    Both of these fraudsters should be in a prison cell, not simply making deals to give up shares and pay moderate fines.

    I still don't know how this company is standing. Who would trust them for anything at this point?
    Irritating, I mis read the headline earlier, thought it said they were being charged, not settled. Agree with you, this settlement is way too light. At the very least torture them with litigation for a year or two.

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    There's something about the eye's on that chick that screams "blood testing" to me. also thank you quest diagnostics for proving I don't have gonorrhea or chlamydia.

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    100% Organic MumblesBadly's Avatar
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    Quote Originally Posted by Dan Druff View Post
    BUMP

    Theranos and Elizabeth Holmes settle fraud charges with the SEC: https://ca.reuters.com/article/busin...CN1GQ2HC-OCABS

    They were charged with "massive fraud".

    Sadly, none of the settlement includes any kind of prison time or criminal convictions.

    Holmes "must return millions of shares to the privately held company, pay a $500,000 fine and cannot serve as an officer or director of a public company for 10 years."

    Yawn.

    Next they're going to go after Ramesh "Sunny" Balwani, Theranos president. This guy was a complete asshole, and was known for bullying and threatening any employees who questioned the legitimacy of Theranos' scam blood test procedures.

    Both of these fraudsters should be in a prison cell, not simply making deals to give up shares and pay moderate fines.

    I still don't know how this company is standing. Who would trust them for anything at this point?
    These kinds of white collar crimes are extremely difficult to successfully prosecute given the average intelligence of a likely jury pool. It’s usually better to take a plea with terms like those mentioned for this case. Plus, getting a olea on one of the top perps usually means an easier time going after others involved in the crime.
    _____________________________________________
    Quote Originally Posted by Dan Druff View Post
    I actually hope this [second impeachment] succeeds, because I want Trump put down politically like a sick, 14-year-old dog. ... I don't want him complicating the 2024 primary season. I just want him done.
    Quote Originally Posted by Dan Druff View Post
    Were Republicans cowardly or unethical not to go along with [convicting Trump in the second impeachment Senate trial]? No. The smart move was to reject it.

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    Platinum devidee's Avatar
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    That meme where the US WW2 vet realizes he fought on the wrong side.

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