The founder of the blood test startup Theranos faces criminal charges, and the dog blood venture farce will be ushered in the end?

Recently, Elizabeth Holmes, founder of the founding company Theranos, and Ramesh Balwani, the former president of the company, were accused of fraud for allegedly falsely promoting the validity of blood tests.

On Friday, the two appeared in the District Court in San Jose, USA. At the time, Holmes had just resigned as CEO for just a few hours. It is understood that the charges against the two men include two conspiracy deceptions and nine telecom frauds. After that, the two men were allowed to go out after paying $500,000 in bail, but they handed in their passports.

FBI agent John Bennett said: "This lawsuit alleges that the company premeditated fraudulent financial investors. It misled doctors and patients to make false judgments about the reliability of medical tests and life health services."

Theranos was founded in 2003 and is aimed at the field of blood testing. After entering the market, the company was enthusiastically sought after by the media and raised more than $700 million from investors. The company promised that it invented a machine that could perform hundreds of medical tests with only one user's finger punctuated. And, these testing services have already been launched in stores in California and Arizona. After that, the company's valuation soared to $9 billion.

Then, the good times are not long. In 2015, The Wall Street Journal published a series of articles claiming that most of Theranos' test machines were purchased from other companies and did not use any high-tech. In addition, when the company's so-called high-tech machines perform blood tests, the results are not accurate. After review by health regulators, Theranos withdrew its blood test for two years and agreed to pay for the 76,000 users who had blood tests in Arizona.

In addition to the above issues, the indictment also describes the business data that Theranos showed to investors, including the 2015 revenue forecast of $1 billion.

The indictment reads: "In fact, both Holmes and Balwani know that Theranos' income is very small. In 2014 and 2015, the company's revenue was only a few hundred thousand dollars."

The prosecution also showed that the above two people also deceived doctors and patients, and they made a wrong judgment on the results of blood tests, including calcium, potassium, AIDS, and diabetes.

“Based on the above statement, countless patients and health insurers have paid for these blood testing services. Sometimes, some misguided doctors may recommend this service to their patients.”

As early as three months ago, Holmes was filed a civil lawsuit by the US Securities and Exchange Commission (SEC) on charges of "massive fraud." However, Holmes and her company agreed to settle, paid a fine of $500,000, returned millions of company shares, and abandoned the company's voting rights. In addition, within 10 years, Holmes was also banned from being a senior executive or director of any listed company. However, the company did not respond positively to the existence of improper conduct.

At present, the company has fired most of its employees and is on the verge of bankruptcy.

Chief Legal Counsel David Taylor is currently appointed as CEO. The spokesman said that Holmes will continue to serve as a company director.

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