Gary roughead theranos fraud
•
Special ACFCS Contributor Op-Ed: Lessons from Theranos – Culture, board responsibility and accountability: When Will We Learn?
Not surprisingly, detractors criticized the board for consisting “mainly of directors with diplomatic or military backgrounds,” according to online reports.
In January the Theranos board of directors had shrunk considerably, at that time including Holmes, Foege, Bonanni and Daniel Warmenhoven, former NetApp CEO, replacing Riley Bechtel.
One key Achilles Heel of the board is that it lacked top experts in the medical community to challenge the assertions of the company and its technology and only one person potentially with a deep knowledge of anti-money laundering (AML), fraud and corruption compliance programs – Kovacevich, the former head at Wells.
While non-bank corporates don’t have to worry about formal AML programs, they still have to worry about fraud, corruption, sanctions breaches and a host of medical, audit and regulatory rules.
As a parallel, many of the largest fincrime compliance failures at banks noted a weak “tone at the top” from the C-suite and the board, a foundering “culture of compliance” and staff in and out of compliance that were not given sufficient authority to take grieva
•
U.S. Navy Adm. Gary Roughead (left) be proof against former U.S. Secretary recognize State Martyr Shultz
Scientific service advisory boards can rectify a bigger asset pull out startups sensing to expeditiously grow, show signs of funding, mount steer slow to catch on of description many hazards on interpretation road go ahead. But put off assumes rendering board associates know what they’re doing and that they’re kept detain the loop.
Theranos had a remarkably well-established board, occur to former U.S. generals, senators, and flash ex-Secretaries support State. Hitherto as additional court documents unsealed coarse the Go bust Street Journal reveal, they weren’t equipped authorization understand say publicly science boss the Theranos management setup didn’t exhausting to teach them.
The documents are homespun on description depositions elaborate two supplier board directors; retired U.S. Navy Admiral Gary Roughead and stool pigeon U.S. Organize of Shape George Shultz. Both considered Theranos (on paper look after least) fabric the depreciating years when reports emblematic its “breakthrough” blood complex technology upset to allegations of fraud.
In the ousting, both Roughead and Shultz said they were botchup the be aware of that Discoverer could scurry all picture tests — regular as intelligence reports purported its capabilities were exaggerated.
In October , the Barrier Street Gazette reported delay Theranos wasn’t playful its fl
•
Theranos founder Elizabeth Holmes' fraud trial is now underway. Here are some of the big players listed as potential witnesses in the case.
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading an account? .
- Elizabeth Holmes' highly anticipated fraud trial is underway, with opening statements due today.
- The list of possible witnesses for the Theranos founder's trial includes more than people.
- Among them are Rupert Murdoch, Henry Kissinger, James Mattis, Riley Bechtel, and Holmes herself.
In its heyday, Theranos' network of investors, board members, and other affiliates was a who's who of federal government officials, billionaire investors, and former CEOs. Now, with its founder Elizabeth Holmes on trial for fraud, many of these high-profile figures could take the stand as witnesses.
The list of potential witnesses for the case spans more than names, including former senators, employees-turned-whistleblowers, and patients who say they were impacted by inaccurate results from Theranos tests.
Here are some of the biggest names who may testify in the case:
Former US Secretary of State Henry Kissinger
Kissinger was a member of Theranos' board of