The Securities and Exchange Commission filed charges on Wednesday against Theranos Inc., its founder and CEO Elizabeth Holmes, and the former company president Ramesh ''Sunny'' Balwani for raising more than $700 million from investors through an elaborate, years-long fraud. The SEC alleged that Theranos, Holmes, and Balwani made numerous false and misleading statements in investor presentations, product demonstrations, and media articles by which they deceived investors into believing that its key product - a portable blood analyzer - could conduct comprehensive blood tests from finger drops of blood, revolutionizing the blood testing industry. The Silicon Valley-based private company Theranos and Holmes have already settled the charges against them. Holmes has agreed to pay a $500,000 penalty, be barred from serving as an officer or director of a public company for 10 years, return the remaining 18.9 million shares that she obtained during the fraud, and relinquish her voting control of Theranos. Theranos and Holmes neither admitted nor denied the allegations in the SEC's complaint and the settlements are subject to court approval. The SEC's litigation with Balwani is ongoing.