The former Theranos CEO is barred from receiving payments from federal health program.

Elizabeth Holmes—the disgraced and incarcerated founder of the infamous blood-testing startup Theranos—is barred from participating in federal health programs for nine decades, according to an announcement from the health department Friday.

The exclusion means that Holmes is barred from receiving payments from federal health programs for services or products, which significantly restricts her ability to work in the health care sector. It also prevents her from participating in Medicare, Medicaid, and other federal health care programs. With a 90-year term, the exclusion is lifelong for Holmes, who is currently 39.

The exclusion was announced by Inspector General Christi Grimm of the Department of Health and Human Services’ Office of Inspector General.

Holmes is serving an 11-year, three-month sentence for defrauding investors of her blood-testing startup, Theranos, which she founded in 2003. At the time, Holmes claimed to have developed proprietary technology that could perform hundreds of medical tests using just a small drop of blood from a finger prick. The remarkable claim helped her drive the company’s valuation to a stunning $9 billion in 2014, and set up lucrative partnerships. But, in reality, the technology never worked. The company collapsed in 2018, and she was convicted of fraud in 2022.

      • theangryseal@lemmy.world
        25·
        10 months ago

        That depresses me.

        I grew up in their test market. I watched every friend I had lose their parents to opioid addiction. I watched my dad go from busting his ass caring for us, camping trips, fishing trips, and hunting trips, to hanging out behind a car wash with other unemployed junkies while we cooked on a wood stove and had no electricity.

        I grew up in it so it was normal. I ended up on it. You either had a social life or you didn’t. There weren’t very many sober people left by 2005.

        I have seen death and chaos all of my life. My brother and I are among about 5 boys from our neighborhood left. We got sober because luckily our mother never touched the stuff and was able to be there for us. The rest in our age group are dead. Overdoses and suicides because of the addiction.

        I knew nothing but violence and chaos as a kid because they lied and made junkies of entire communities.

        Money is magical. As long as you pay your taxes you’ll be fine. Might have to deal with some embarrassment from time to time, you might get your name taken off of something. Other than that, luxury and protection.

        The only reason Holmes is in jail is that she fucked with other people with money. She should have found a way to get rich poisoning the poors.

        • girlfreddy
          4·
          10 months ago

          The only reason Holmes is in jail is that she fucked with other people with money. She should have found a way to get rich poisoning the poors.

          That’s also the only reason rich people stay rich … they own the justice system, Wall St and the banking system lock, stock and barrel.

          I’m glad you made it through, and sad so many didn’t.