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Theranos CEO Elizabeth Holmes, and former president Ramesh “Sunny” Balwani, were charged with "massive fraud" by the SEC. Holmes will lose control of her company, be charged $500,000, and can’t serve as an officer or director of a public company for 10 years.
The White House confirmed the appointment of CNBC commentator Larry Kudlow as President Trump’s chief economic adviser. Kudlow will replace Gary Cohn.
Toys “R” Us
Toys “R” Us, which filed for bankruptcy last September, has filed for liquidation and will likely shut down all of its 885 U.S. stores. It’s also liquidating abroad, and plans to sell its Canadian, Asian, and Central European operations; the chain will shut all its U.K. branches.
“The Theranos story is an important lesson for Silicon Valley.”
Jina Choi, Director of the SEC’s San Francisco Regional Office
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