NEW YORK (360Dx) – The US Securities and Exchange Commission today charged Theranos, its founder and CEO Elizabeth Holmes, and its former President Ramesh Balwani with fraud, saying they raised more than $700 million from investors by exaggerating the company's technology and its business and financial performance.

Theranos and Holmes have reached a settlement deal with the SEC, while the agency will pursue litigation against Balwani in US District Court, Northern District of California.