How Vice President Joe Biden Helped get Theranos Legitimacy
In 2015, after meeting the firm’s former CEO and referring to the structure as a “laboratory of the future” before expressing optimism about blood testing, Vice President Joe Biden was scolded for giving credibility to Theranos.
On Monday, Elizabeth Holmes, the previous CEO, was sentenced to 20 years in prison for two counts of wire fraud and two counts of conspiracy to commit fraud.
In 2016, former vice president Joe Biden was accused of playing a “crucial role in legitimizing” Holmes by Washington Examiner reporter David Dunleavy.
He accused the firm of taking Biden’s words as a launching pad to promote itself. “President Obama was also thrilled about a new healthcare paradigm focused on preventive care,” Biden said at the time, according to The Hill.
“You can just see how it’s all about invention going through this facility,” Biden said at the time, according to CBS San Francisco. The story stated that Biden praised the firm for aiming to lower blood test costs. He recounted his son Beau’s brain cancer diagnosis and said one of Holmes’ selling points “was the ability to detect early-stage
WHAT IS THERANOS?
Holmes was found guilty of fraud and conspiracy charges for duping investors into believing Theranos had created a unique medical device that could identify illnesses from a few drops of blood. The 37-year-old was cleared on four counts of fraud and conspiracy, including accusations that she misled customers who paid for Theranos blood tests.
She now faces a possible 20 years in prison for each count, but legal experts doubt she will receive the maximum sentence.
of course, Biden was not the only prominent figure fooled by the charming CEO. Dunleavy noted that Holmes, while at her apex of influence, attended “numerous Clinton Foundation events” and had former high-ranking officials on her board.
During the trial, Holmes once again pleaded not guilty to all counts and took the stand to defend herself, telling jurors she has regrets but did not defraud anybody. She further accused her former lover and former Theranos COO Ramesh “Sunny” Balwani of fraudulently misleading her about the technology’s efficacy, alleging that he
Next year, Balwani will stand trial for his alleged involvement in defrauding the firm’s investors.