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Former billionaire CEO charged with fraud by SEC

Elizabeth Holmes speaks at the Clinton Global Initiative 2015. She has been charged with fraud by the SEC. (Photo by JP Yim/Getty Images)

The Securities and Exchange Commission charged the founder and CEO of blood-testing company Theranos with fraud on Wednesday. In a settlement deal, Elizabeth Holmes agreed to relinquish her control of the company and pay a $500,000 fine.

Former Theranos president Ramesh Balwani also faced the charge due to his participation in raising over $700 million from investors for the firm, by allegedly "exaggerating or lying about the business and its technology."

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