Theranos and its founder settle US fraud charges: SEC

Theranos and its founder settle US fraud charges: SEC

Theranos Inc and its Chief Executive Elizabeth Holmes have agreed to settle fraud charges in a deal that strips her of control over the embattled blood-testing company, among other penalties, U.S. regulators said on Wednesday.

Elizabeth Holmes, CEO of Theranos, attends a panel discussion during the Clinton Global Initiative&
Elizabeth Holmes, CEO of Theranos, attends a panel discussion during the Clinton Global Initiative's annual meeting in New York, September 29, 2015. REUTERS/Brendan McDermid/File Photo

WASHINGTON: Theranos Inc and its Chief Executive Elizabeth Holmes have agreed to settle fraud charges in a deal that strips her of control over the embattled blood-testing company, among other penalties, U.S. regulators said on Wednesday.

As part of the settlement, the Securities and Exchange Commission said Holmes must also return millions of shares to the privately-held company and cannot serve as an officer or director of a public company for 10 years.

(Reporting by Susan Heavey and Tim Ahmann, Editing by Franklin Paul)

Source: Reuters

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