Former Theranos CEO Elizabeth Holmes and company president Ramesh “Sunny” Balwani have been indicted by a federal grand jury for wire fraud, the Department of Justice announced Friday.

Holmes and Balwani stand accused of orchestrating two separate multimillion-dollar schemes, one aimed at defrauding investors, and the other targeting doctors and patients.

Those investors were wooed by false claims about the abilities of Theranos’ blood-testing equipment, which Holmes presented as both more accurate, more reliable, and faster than conventional blood tests.

The indictment alleges the exact opposite was true — and Holmes knew it.

“Holmes and Balwani knew that the analyzer, in truth, had accuracy and reliability problems, performed a limited number of tests, was slower than some competing devices, and, in some respects, could not compete with existing, more conventional machines,” the DOJ said Friday.

In hawking the subpar technology, the Theranos executives also put patients at risk, failing to disclose their tests were inaccurate and unreliable.

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