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# 2 Theranos Execs Indicted on Wire Fraud Charges
- URL: https://www.fdaweb.com/2-theranos-execs-indicted-on-wire-fraud-charges/
- Published: 2018-06-20T12:00:00.000Z
- Updated: 2026-09-15T00:14:50.000Z
- Author: David McFarland
- Tags: Devices, #legacy-id-D5141732

The Justice Department says a federal grand jury has indicted Theranos founder **Elizabeth Holmes** and the company’s former chief operating officer **Ramesh Balwani** on two counts of conspiracy to commit wire fraud and nine counts of wire fraud. A department [news release](https://www.fda.gov/ICECI/CriminalInvestigations/ucm611112.htm?ref=fdaweb.com) says the charges stem from allegations that the two company officials engaged in a multi-million dollar scheme to defraud investors and a separate scheme to defraud doctors and patients.

According to the indictment, Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranos’ blood testing laboratory services, even though they knew the company was not capable of consistently producing accurate and reliable results for certain blood tests. “The tests performed on Theranos technology, in addition, were likely to contain inaccurate and unreliable results,” the release says.

The Justice Department says the prosecution is the result of an investigation by the FDA Office of Criminal Investigations and other federal agencies.