Elizabeth Holmes, founder and CEO of the embattled blood testing startup company Theranos, has been charged with "massive fraud," the Securities and Exchange Commission announced Wednesday.

The SEC alleged that Holmes and the company's former President Ramesh "Sunny" Balwani raised more than $700 million from investors through an "elaborate, years-long fraud in which they exaggerated or made false statements about the company's technology, business, and financial performance."

The agency said Theranos and Holmes have agreed to settle the fraud charges. Holmes agreed to pay a $500,000 penalty and relinquish control of the company. She will be barred from serving as an officer or director of any public company for 10 years.

See, "traditional" companies are totally safe! That's why Google needs to go to the extent of banning ICO and cryptocurrency financial product ads, but the stock market is OK!

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