When Faking It Doesn’t Make It: Lessons From Elizabeth Holmes, part 2

Source: American Consequences
by Kim Iskyan

“Elizabeth Holmes didn’t deliver on her projections. Her defense argued that ‘failure is not a crime.’ But she was a fraud, a medical version of one of the biggest financial scammers of all time. As I wrote in May, one of the most successful Ponzi (or pyramid) schemes of all time was run by financier Bernie Madoff. His guise was a preternaturally consistent and successful hedge fund that returned between approximately 10% and 12% every year, regardless of market conditions. … using a legitimate brokerage house as a front, Madoff was able to rip off around 40,000 investors who were deceived into thinking they’d accrued $65 billion in profits over a period of more than 40 years.” (01/12/22)