The Theranos Scandal: Lies, Millions Lost, and Broken Lives A Billion-Dollar Scam That Fooled the World Elizabeth Holmes was once Silicon Valley’s golden girl, a self-made billionaire promising to revolutionize healthcare. With a single drop of blood, her company, Theranos, claimed it could perform hundreds of medical tests—eliminating the need for traditional lab work. Powerful […]
The Biggest Financial Scams in History That Shook the World Money, power, and deception—some of the world's biggest financial scandals read like Hollywood thrillers. From billion-dollar Ponzi schemes to high-flying CEOs who fooled the world, these scams destroyed fortunes, ruined lives, and changed the way we regulate business. But what drives fraudsters to risk it […]
13 Notable CEOs Who Found Themselves in Prison: From Boardroom to Behind Bars The story of corporate success can often turn dark, revealing the thin line between ambition and criminality. Among those who have crossed this line, a striking number of high-profile CEOs have found themselves on the wrong side of the law, their legacies […]
No matter the size of your business or the industry you are in, you must be aware of the serious threat of payroll fraud. This involves the theft of money from the company’s payroll system, often from an employee but sometimes from unauthorised external access, and can take many forms. You might think it will never happen to you, but payroll fraud is common and can cause significant harm to your business, including financial loss and damaged reputation.
Elizabeth Holmes, once the founder and CEO of Theranos, media darling and silicon valley tycoon has suffered an almighty fall from grace. How did it happen?
Image by TechCrunch - 509306865DH00014_TechCrunch, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=88464732 Medical start-up Theranos was founded by Holmes in 2003 and reached a $10 billion valuation at its peak in 2013 and 2014. The company claimed it would revolutionise the medical testing space with a new blood diagnostic technology that was capable of performing several tests on […]
Now more than ever, business fraud poses a company-destroying risk. Even multinationals, with their expertise spread thinly, are not immune to the threat.
Any nascent business will encounter difficulties at some point. While many of these will be unforeseeable, others can be prevented through sensible measures like insurance and fraud protection.
Even in a large company, a false compensation claim can be immensely damaging. It is important to recognise the common aspects of a false claim and how you can protect your organisation.
As the German payments company falls deeper into scandal following a €1.9 billion balance sheet hole, its former CEO has been arrested on suspicion of fraud.
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