Elizabeth Holmes, the founder and former CEO of Theranos, was charged with multiple counts of fraud related to her company's blood-testing technology. Holmes and her company committed securities fraud, and allegedly misled investors about Theranos' technology, capabilities, and financial performance in order to attract funding. Holmes also committed wire fraud, it was alleged that Holmes and other executives at Theranos used electronic communications, such as emails and phone calls, to deceive investors and others about the company's technology and prospects. Holmes was also charged with conspiracy to commit wire fraud and securities fraud. This charge relates to the alleged collaboration between Holmes and other executives to deceive investors, …show more content…
However, behind the facade of innovation lay a web of deception and fraud that ultimately led to Holmes' downfall. This paper explores how Holmes committed her fraud, identifies potential points where detection could have occurred earlier, and analyzes both sides of her appeal. Elizabeth Holmes' Fraudulent Actions: Misrepresentation of Technology: Holmes and Theranos claimed to have developed a revolutionary blood-testing device capable of conducting comprehensive tests using only a few drops of blood. However, evidence suggests that the technology never lived up to its promises. Internal documents and whistleblower accounts revealed that Theranos conducted the majority of tests using traditional machines, while its own devices produced inaccurate results. Deceptive Marketing and Investor Relations: To attract investors and secure funding, Holmes embellished Theranos' capabilities and market …show more content…
The FDA and CMS, responsible for ensuring the safety and efficacy of medical devices, failed to conduct thorough inspections or challenge Theranos' claims until significant media scrutiny emerged. Lack of Independent Validation: Holmes actively discouraged independent validation of Theranos' technology, making it difficult for external experts to assess its accuracy. A more transparent approach to third-party verification could have raised red flags sooner and prevented investors from being misled. Journalistic Investigation: The investigative journalism efforts of John Carreyrou and the Wall Street Journal played a pivotal role in uncovering the truth behind Theranos' deception. However, it took several years for these revelations to gain widespread attention, highlighting the need for earlier and more robust investigative efforts. Arguments for Holmes' Appeal: Lack of Intent: Holmes may argue that she genuinely believed in the potential of Theranos' technology and did not intentionally deceive investors or the public. She may claim that any misrepresentations were the result of overly optimistic projections rather than malicious
“Ah, the creative process is the same secret in science as it is in art,” said Josef Mengele, comparing science to an art. He was less of an artist and more of a curious, debatably crazy, doctor. He was a scientist in Nazi Germany. In general, there was a history of injustice in the world targeting a certain race. When Mengele was around, there were very few medical regulations, so no consent had to be given for doctors to take patients’ cells and other tests done on the patients’ bodies without their consent. This was the same time that Henrietta Lacks lived. Henrietta Lacks was an African American woman who went to the doctor because she had cervical cancer. Her cells were taken and are still alive in culture today (Skloot 41). Hence, her cells were nicknamed Immortal (Skloot 41). Although many, at the time, saw no issue with using a patient without consent issue with what?, on numerous occasions since then courts have determined that having consent is necessary for taking any cells. The story of Henrietta lacks is has similarities to an episode of Law and Order titled Immortal, which is an ethical conundrum. Despite this, the shows are not exactly the same and show differences between them. Both of these stories, one supposedly fictional, can also be compared to the injustices performed by Josef Mengele in Nazi Germany.
Lublin, J. S., & Carrns, A. (2003, April 11). Directors had lucrative links at HealthSouth. Wall Street Journal. p. B1. Retrieved from: http://search.proquest.com.proxy1.ncu.edu/docview/398944990?accountid=28180
March 20, 2003, Richard Scrushy, the former chief executive officer of HeathSouth Corporation, was charged by the Securities and Exchang...
Ethics are the basic concepts and principles of human conduct that relate to morals. Ethical decisions, or unethical decisions, play a highly influence the culture of a society or organisation. In a business environment, ethical behaviour is highly important because not following ethics can lead to negative effects on businesses overall and its stakeholders. The importance of ethics can be observed through an incident that occurred regarding HealthSouth, a healthcare provider in the United States. From 1992-2003, HealthSouth was involved in the embezzlement of financial reports to portray their financial position as better than it was. The founder, Richard M. Scrushy, the executive team, and many employees were involved in this process, all
The first blatant ethical issue in the Adelphia scandal stems from the idea that the Rigas family used corporate money for personal use. Nearly $12.8 billion was used to start construction on a personal golf course on their own private land and even more to cover the expenses of the use of the company aircraft for personal reasons. The use of this money was then hidden thro...
If people are being paid and employed to take risks they are less likely to consider the potentially lethal consequences they face. In “The Value of a Sherpa Life”, Grayson Schaffer outlines the issues Sherpas face and how they are not as valued as they should be. “Sherpas...would lose jobs that pay between $2,000 and $6,000 per season, in a country where the median income is $540 per year” (Schaffer 217). Sherpas are forced into these dangerous situations because they have a monetary obligation to fulfill their job.. They are dependent on this job to ensure they can support their families, so their employers need to be the people ensuring that they are properly educated and making safe decisions. There are other groups and industries that
During her entire rule, Elizabeth I allowed for England to reach an equilibrium in its religious affairs through “The Elizabethan Settlement”, or her religious compromise. The Book of Common Prayer, issued by the Edward VI’s advisor Thomas Cranmer, was restored by Elizabeth....
Corporate executives like Kenneth Lay and Martha Stewart were taken before the court for poor ethical practices. Leaders of pharmaceutical companies have been found knowing about distribution of unsafe products. Leaders at Coke Cola were found guilty of racial discrimination and leaders of cruise ships fined for dumping waste in the ocean. News reports exposed Wall Street analysts who created phony reports, made profits, and pushing worthless stocks, left citizens questioning if they should invest their money. Leaders of the world’s largest retailer, Wal-Mart, were cited for practices of employee abuses and gender discrimination.
In Charlotte Bronte’s Jane Eyre there are many occasions in which there is motifs about division and bias relations. Money was a major division between people in the Victorian Era. Family made people rise in the standings with others, If your family was rich or well known, then you were going to be well known and well liked. There are many situations in which Jane is thought of as poor and worthless, as well as having no family.
One of the biggest incentives to perform scientific research is the acclaim that comes from making novel discoveries. For some, this is the driving force behind their work and can cause a conflict of interest that sometimes overrides the needs of the patient in cases with unethical actors. This is most relevant to case of John Darsee. To get data for his publications he would often falsify results and would perform experimental stent procedures on unknowing patients. Darsee’s ambitions were put above the health and wellness of the patients he had taken an oath to protect.
Many people know Susan B. Anthony as ‘the women that dared to vote.’ Many women go to vote without knowing how important she was on that decision. She is one of the most recognized historical people fighting for Women Suffrage. She was an icon on Women’s Rights history. Women regardless of age, religion, social class, fought for one objective; the achievement to get the right to vote, the right to make their own decisions. She was part of this achievement. Susan B. Anthony was an American women hero.
Mary Tudor has gone down in history as one of the most ruthless queens of all time.
Martha Stewart was licensed to sell securities and worked as a securities broker for a period of time from about 1968 to 1975. From that experience, and from being a client of Merrill Lynch & Co., Stewart was familiar with the duties of trust and confidence owed to the clients of Merrill Lynch. It is known for sure that ImClone submitted a Biologics Licensing Application (BLA) to the Food and Drug Administration (FDA) around 31 October 2001. It is also known that the FDA must make a decision on the BLA within 60 days per FDA regulations. It was public information that the FDA decision was expected by the end of December 2001. On the morning in question, 27 December 2001, Peter Bacanovic, Stewart’s broker, was informed that Samuel Waksal, the CEO of ImClone, was looking to sell all of the family’s ImClone shares held at Merrill Lynch. Without speculating as to the phone conversations that happened that day between all the
Manufacturers and pharmaceutical companies highlight the economic success of pharmaceutical business in order to show the positive aspects of taking prescription drugs. Often times, doctors feel pressured to maintain success in their field whether it be providing treatment or prescribing medicine. When Atul Gawande, a general surgeon and Harvard professor, reviewed some of his previous cases, he found that seven of eight patients went through unnecessary treatments. After detailing the specific cases Gawande concludes “Millions of people are receiving drugs that aren’t helping them, operations that aren’t going to make them better, and scans and tests that do nothing beneficial for them”. Gawande’s findings are not rare cases, the Maurice A. Deane School of Law published an article explaining the corruption of United States health.
221B Baker Street, is where a well-known detective resides. Sherlock Holmes, born in 1854, started his career as a private eye after college when a colleague’s father inspired him to do so. He worked alone for a number of years employing agents and using informants. Later on, he accepted a roommate Dr. Watson. Eventually, they become good friends and crime solving partners. Sherlock Holmes was not only an influential and respected detective, as well as, a good friend, but also a well-read fictional character in British literature.