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Capitol Report: SEC called Theranos fraud ‘massive’ — but didn’t get the company or its founder to admit guilt

The Securities and Exchange Commission on Wednesday said Theranos committed a “massive” financial fraud, “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”

What the SEC did not get from either Theranos or company founder Elizabeth Holmes was an admission of guilt.

Related:Mattis, Schultz among political elite with links to Theranos

That’s the way the SEC said it would play enforcement cases in the Donald Trump era.

In October, Steven Peikin, the co-director of the SEC’s enforcement division and a former white-collar defense lawyer along with SEC Chairman Jay Clayton at Sullivan & Cromwell LLP, told a conference, “I think when people resolve cases with the commission [and] neither admit nor deny but agree to all the points of relief, I don’t think most people in the world say, ‘Boy, they really got away with that.

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