Charged: Elizabeth Holmes has been banned from public companies for ten years
A high-flying American businesswoman once described as ‘the next Steve Jobs’ must surrender control of her company after being charged in a massive fraud case.
Elizabeth Holmes, founder of blood testing group Theranos, was yesterday banned by the US Securities and Exchange Commission (SEC) from public companies for ten years.
The 34-year-old will also pay a settlement of £360,000.
She had been accused by the SEC of raising more than £500million by exaggerating or lying about her firm’s technology.
Holmes started Theranos in California, in 2003 at the age of 19.
She pitched its technology as a cheaper way to run blood tests and raised millions in funding.
But probes were launched after Wall Street Journal articles raised doubts about the technology.
Neither Theranos nor Holmes admitted or denied wrongdoing.