Elizabeth Holmes, the founder of the embattled health startup Theranos, on Friday was charged in federal court with wire fraud with prosecutors alleging that the company was a “multi-million dollar scheme to defraud investors.”

Holmes and Ramesh “Sunny” Balwani, the former president and COO of Theranos, were both charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud.

Holmes founded Theranos in 2003 to develop technology that she claimed was able to conduct clinical tests on small amounts of blood. Starting in 2013, the Justice Department’s indictment alleges, Holmes and Balwani started making grand claims about the company and its technology to investors that were false or misleading.

According to the 15-page court filing, the two lied about the company’s partnerships with the Pentagon and Walgreens, its financial health and the capabilities of its products.

Many of the allegations in the indictment have been previously reported by The Wall Street Journal.

Each count carries a possibility of 20 years in prison and a $250,000 fine. – READ MORE

Obama invited Holmes to the White House back in 2015, where she was named a Presidential Ambassador for Global Entrepreneurship. The Clintons have also embraced Holmes, including Bill Clinton, who had a lengthy discussion with her at the Clinton Global Initiative’s annual meeting in 2015. Holmes talked about bringing “equality” to the health care sector.

Holmes was also scheduled to host a $2,700-a-head fundraiser for Hillary Clinton in March 2016 at the Theranos Palo Alto, California headquarters, an event Chelsea Clinton was scheduled to attend. However, the fundraiser changed locations after her campaign was criticized for holding an event at the offices of a company under federal investigation.

Holmes remained a host for the fundraiser, and Chelsea Clinton still attended the event. – READ MORE