No one likes being lied to, especially when it comes to money. Unfortunately, major corporations lie about earning all the time. Some companies even get customers to invest money they will never see a return on. The bottom line is large-scale business practice in the United States is an ocean full of sharks. When those sharks get hooked, it’s a beautiful thing.
You’ll never believe what Fannie Mae got caught for in 2011!
Theranos Gets Caught Red Handed
Kimberly White/Getty Images for Fortune
Elizabeth Holmes, the founder and Chief Executive of Theranos was charged with an “elaborate, years-long” fraud in 2018. According to reports, she, along with company president Ramesh Balwani tricked investors into believing one of their portable blood analyzers was far more powerful than it actually was.
The blood-testing company lied to its investors, stating the device could conduct comprehensive blood tests from a few drops of blood. Holmes, for her part in the fraud, agreed to pay a $500,000 penalty and is not allowed to serve as a high ranking official in a public company for the next 10 years.
For his crimes, Bernie Madoff will never see outside of prison cell again!