Elizabeth Holmes is indicted on wire fraud charges and steps down as the CEO of Theranos
Elizabeth Holmes has been charged for defrauding investors in Theranos
Theranos is a blood testing startup that promised to test with less blood, faster
US Attorney's office said Holmes knew her company couldn't do this, and lied
Indictment also alleges she pretended to test investors' blood for them
She and Theranos president Ramesh 'Sunny' Balwani face up to 20 years in jail
Holmes has stepped down as CEO of Theranos but is still chair of the board .
Theranos founder Elizabeth Holmes has been charged for allegedly knowingly defrauding her investors with fake blood tests and lies about the product's ability.
A statement from the US Attorney's Office in the Northern District of California says Holmes and Theranos president Ramesh 'Sunny' Balwani engaged in a multi-million dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients.
Holmes launched Theranos in 2003, spruiking the company as a cheaper and more efficient way for patients to test for life-threatening conditions, like cancer and diabetes, with just a few drops of blood from their fingers.
But the US Attorney's Office alleges Holmes and Balwani had sold Theranos' blood testing laboratory did not use any new machinery, instead purchasing third-party machines that were already in use in other laboratories.
http:// www.dailymail.co.uk/news/article-5850607/Elizabeth-Holmes-indicted-wire-fraud-charges-steps-CEO-Theranos.html