Elizabeth Holmes, a Clinton donor who was named “Ambassador for Global Entrepreneurship” under former President Barack Obama, settled with the state of Arizona for $4.8 million over consumer fraud claims.
Holmes, 33, was the founder and CEO of Theranos, a privately owned Silicon Valley health tech company once valued at $9 billion. Theranos marketed the blood test known as the “Edison” device, which tested blood with a mere finger prick at lower costs. The blood test device ended up being inaccurate, leading Theranos and Holmes to cook the book to hide the flawed test.
Tyler Shultz, an employee of Theranos, uncovered the inaccuracy of the device and leaked documents to save the reputation of his grandfather, former President Ronald Reagan’s Secretary of State George Schultz. Theranos was reportedly using a shell company to “‘secretly’ buy commercial-lab equipment, and improperly created rosy financial projections for investors,” according to the Wall Street Journal.
Last week Holmes began to settle lawsuits with some of Theranos’ victims. Theranos settled with the state of Arizona for $4.8 million over consumer fraud claims over the “flawed” Edison device blood tests.
AAN Staff
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