We appear to be entering the final chapter of the fraud known as Theranos which at one point captured Wall Street’s eye with the promise of unwarranted character affiliations and humorous magazine photo shoots.
Theranos founder and chief value pillager Elizabeth Holmes, who saw her net worth vanish from $4.5 billion to zilch, has been banned for two years from owning or even operating any sort of medical laboratory.
Last night on the company website Theranos notified investors that it “received notice from the Centers for Medicare & Medicaid Services regarding the imposition of sanctions arising from the 2015 survey of its Newark California laboratory.”
The sanction Theranos lists from the CMS are as follows:
– Revocation of the laboratory’s CLIA certificate which, as dictated by the regulations, includes a prohibition on owners and operators of the lab from owning, operating or directing a lab for at least two years from the date of revocation
– Limitation of the laboratory’s CLIA certificate for the specialty of hematology
– A Civil Money Penalty
– A Directed Portion of a Plan of Correction
– Suspension of the laboratory’s approval to receive Medicare and Medicaid payments for any services performed for the specialty of hematology
– Cancellation of the laboratory’s approval to receive Medicare and Medicaid payments for all laboratory services
This post was published at Zero Hedge on Jul 8, 2016.
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