Theranos collected a distinguished board of advisers and investors including Rupert Murdoch, former secretary of state Henry Kissinger, Oracle founder Larry Ellison, Netscape founder and venture capital investor Marc Andreessen, former US Senator Sam Nunn and Bill Frist, former secretary of defense William Perry and current Defense Secretary James Mattis, who resigned from Theranos' board when he become defense secretary in 2016.
She launched Theranos in 2003 in Palo Alto, California, pitching its technology as a cheaper way to run dozens of blood tests.
The idea was that this would reduce sharply the cost of blood tests as well as making the process less unpleasant to patients with a phobia of needles.
Prosecutors alleged that they defrauded investors out of hundreds of millions of dollars and defrauded doctors and patients. But Theranos came under scrutiny after the Journal published articles questioning its claims.
In April 2017, the Centers for Medicare and Medicaid Services (CMS) sanctioned Theranos and revoked its clinical laboratory testing certificate, which caused the pharmacy chain Walgreens to terminate its partnership with the start-up and sue Theranos for $140m. If convicted, they each face a maximum sentence of 20 years in prison and a fine of $250,000, plus restitution to those found to have been defrauded, on each count.
After the SEC charged her and the company with fraud earlier this year, Holmes was stripped of control and is barred from serving as an officer or director at any public company for the next decade. Starting in a basement located a few blocks away from campus, Holmes transformed her company to be worth over $1 billion in seven years time.
There are many lessons to be drawn from the Theranos affair, but perhaps the most worrying thing that has emerged is the culture of secrecy that existed in Theranos, a culture that was - and is - by no means unique in Silicon Valley.
The chances must be that there are.