We appear to be entering the final chapter of the fraud known as Theranos which at one point captured Wall Street's eye with the promise of unwarranted character affiliations and humorous magazine photo shoots. Theranos founder and chief value pillager Elizabeth Holmes, who saw her net worth vanish from $4.5 billion to zilch, has been banned for two years from owning or even operating any sort of medical laboratory.

Last night on the company website Theranos notified investors that it "received notice from the Centers for Medicare & Medicaid Services regarding the imposition of sanctions arising from the 2015 survey of its Newark California laboratory."

The sanction Theranos lists from the CMS are as follows:

–Revocation of the laboratory’s CLIA certificate which, as dictated by the regulations, includes a prohibition on owners and operators of the lab from owning, operating or directing a lab for at least two years from the date of revocation –Limitation of the laboratory’s CLIA certificate for the specialty of hematology –A Civil Money Penalty –A Directed Portion of a Plan of Correction –Suspension of the laboratory’s approval to receive Medicare and Medicaid payments for any services performed for the specialty of hematology –Cancellation of the laboratory’s approval to receive Medicare and Medicaid payments for all laboratory services

Not much of a shock considering the once over-valued but always full-of-lies startup blood testing company had recently voided years of lab results because all tests using proprietary technology were bullshit. What we've said previously on the matter:

"Theranos' insane 'valuation' was achieved on the basis of doing only 6% of blood tests in house (all of them erroneously, we now learn), and outsourcing 94% to companies whose products actually worked and many of whom likely had a far lower valuation that the one at which a bunch of idiot billionaires 'valued' Holmes worthless company."

Further, Holmes' new 2 year ban comes on the heels of not only her firm's lack of due diligence during a period when the firm garnered a ridiculous $9 billion valuation, but also on the heels of a fawning media and drooling celebrity base that included the Clintons. And now for risking roughly 900K lives each year on a bonk premise of real testing even though all tests were garbage, Ms. Wanna-Be-Steve-Jobs will be banned from entering a lab for 2 years.

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