ipl-logo

The Scams Of Elizabeth Holmes And Anna Sorokin

1008 Words5 Pages

Many people have heard of major scams committed by Elizabeth Holmes and Anna Sorokin. Have you ever thought of how these two young women compare? Both of these young women were trying to be young millionaires and got caught up in the power. After getting caught defrauding many people including friends, investors, and the government; these ladies were put to a stop. However, their stories are different, their outcome was the same. Both Elizabeth Holmes and Anna Sorokin broke the principle of honesty. Both women went out of their way to scam many people out of millions of dollars, just trying to make a dollar. Holmes broke the principle of honesty by falsely persuading many investors with her invention. She would bring in a couple of potential …show more content…

After the test was run the investors would come back and read the test results from what they thought was the Theranos. Holmes went on to tell patients, investors, and employees false. results knowing, she was wrong. She had all her employees sign multiple documents stating they would not talk disrespectfully about the company, or they would be sued. After several employees stood up and voiced their opinions, a Wall Street Journal reporter published about her false statements regarding her blood test. Holmes took it upon herself to lie on national news sites about the false accusations from the Wall Street Journal. Assuming Elizabeth Holmes had no bad intentions with her company, Theranos, she could’ve avoided losing millions of dollars and prison time. Edison said, “I will not say I failed 1,000 times, I will say that I discovered there are 1,000 ways that can cause failure.” Elizabeth Holmes stated that quote during her documentary, yet after failing one time with the blood results, she gave up and ran through the normal lab tests. These stories …show more content…

The Moral Hazard Theory is where the behavior of one party may change after the transaction has taken place. Holmes seems very honest and acted as if she knew how to run these machines and get the correct results. However, after the investors signed with her, she would use their money and still hand out false results. The same with Sorokin, she convinced the hotel staff that she was waiting on the paperwork for her trust fund and then she could pay them back. However, after the hotel staff let her stay for several months, she decided there was no point in paying them back. Both women could have been extremely successful if they would have changed just a few simple things. If Holmes would have taken the time to listen to her engineers' plans when they discussed making the “box” bigger to fit the necessary equipment, she would have gotten more accurate test results. Holmes could have also listened to her professor from Stanford University when she told her that her small invention would not work. She could have taken the information from her engineers and professors to perfect the small machine and she might’ve received accurate results. Holmes also could’ve come forth to the public about the inaccuracy of her machine and tried to fix it instead of scamming more investors for money. Elizabeth could have handled this situation completely different and could still be making money; however, she is now serving

Show More
Related
506 Words | 3 Pages

Doctors thought, since patients were receiving quality treatment they thought it was okay to experiment on them in return. The doctors at Hopkins took advantage of their patients because they knew they were uneducated and they wanted to advance their personal

Read More
1195 Words | 5 Pages

Once Dr. Davis looked at the chart and realized that the patient came about 15 times the last month and was a frequent flier, many thoughts occurred to him. When he thought to himself, “So now, despite my suspicions, I could not say with 100% certainty that Thomas was faking in order to get the drugs.” , I was surprised and intrigued because that was not the first thing I would think of after finding out that patient was a frequent flier (Davis 27-28). Some questions that he thought was what if the patient was faking his illness to get more drugs? If so, how would it be proved?

Read More
1528 Words | 7 Pages

they neglected to look into Dr. Harold Shipman criminal records and reach General Medical Council. If they did, they would have Dr. Shipman behind bars and save many people lives(biogreapghy.com). when he was “off the hook” he was able to kill a few more patients before he really got busted (the

Read More
677 Words | 3 Pages

For such reason, Southam soon was meet with opposition by others in the medical field. Three doctors refused to help Southam continue his experiments because of the unethical way in which the studies were being performed. Eventually, Southam’s unethical experiments were exposed and his license was suspended for a year. The researcher then became president of American Association for Cancer Research. However, because of the fact that Southam’s unethical practice had been exposed The National Institutes of Health (NIH) realized that few of the researchers they funded used no informed consent.

Read More
373 Words | 2 Pages

On the other hand, the baker could have wanted to buy a suit with that $250 but now has to spend that money to repair the broken window. Now

Read More
307 Words | 2 Pages

Even when the toxicology tests conducted by the medical examiner revealed that Diane was heavily intoxicated with both alcohol and

Read More
948 Words | 4 Pages

In the context of medical research, informed consent provides individuals with the opportunity to accept or decline involvement in research, and thereby adheres to their right to choose. Obtaining consent from donors is not limited to simply seeking permission, but involves explaining the nature and consequences of research in an honest and understandable manner. When this aspect of informed consent is ignored, unethical research ensues. For example, during the infamous Tuskegee Syphilis Experiments, US Public Health researchers studied the progression of syphilis in African American men, under the false pretense of curing their “bad blood”. Though a treatment of penicillin was available at the time, researchers idly observed as subjects died painful, preventable deaths.

Read More
544 Words | 3 Pages

The results of the study showed that about half of the subjects were willing to keep going until the doctor told them to stop, while the other half refused to go on with the test once they thought they were harming another person. Some have taken his methods to have been unethical, and not worth any physiological damage that may have been done to the subject. It is arguable that he blurred the line on the APA’s guidelines of ethical principle on consent, and deception, but in my mind it was justifiable, and required in order to gather untainted information.

Read More
559 Words | 3 Pages

In fact, the men were not provided enough information to properly consent to the experiment. Even when the cure for syphilis was discovered in 1947, researchers did not offer the medication to their subjects. Consequently, researchers abused their powers by recruiting test subjects that were unaware of the real purpose of their study. In this scenario, the medical knowledge of the researchers gave them power and an unjust advantage over their ignorant subjects. Researchers proved their corruption when this study, originally projected to last only 6 months, lasted instead for 40

Read More
975 Words | 4 Pages

The reports never made mention of the freedom of the subjects to refuse taking part in the research which proves that the researchers are guilty of fooling these

Read More
546 Words | 3 Pages

But unfortunately, the experiment was also never clearly explained to them, they had thought it was just the best possible treatment expected to cure the sickness they might have had. Many unethical practices were evident in this study, in this case, the most important one was informed consent, which is a consent given by a patient to a doctor for treatment with full knowledge of the possible risks and benefits. None of the participants in the Tuskegee study

Read More
540 Words | 3 Pages

Under the ethical guidelines set by our textbook, this study violated ethical guidelines. It violated the deception ethical standard by hiding the true intent of the study and instead tricked the subjects into believing they were being tested for “bad blood.” It violated the “no harm to participants” tenant because researchers went out of their way to ensure subjects were left unaware and untreated of their condition. Therefor it could also be argued that researchers also violated the “voluntary participation” standard because the subject’s participation was for "bad blood" not for this ulterior

Read More
829 Words | 4 Pages

She found that the person, who was defiant for the experiment, was a soldier who murdered Japs, and didn’t feel ashamed for it. He also kept Milgram’s cover and never told a soul about his experiment, even though it was an atrocious experiment. She also found out, that the person who was obedient in the experiment lived a great, normal life. After being in this type of observation, this subject felt that it helped him with life. He found how easily he was manipulated in such a test, that he began to become stern with himself and learned to deal with such expectations.

Read More
792 Words | 4 Pages

Second, the multiple tests were not possible as FDA approved one test, herpes, with Edison, which did not need FDA approval as it is not for marketing purposes (2). Lastly, Holmes’ big plan was to increase accessibility of the blood testing centers. But, it could not happen as Walgreens dropped the partnership after Theranos was under investigation by FDA and received warning letters and complaints(3). Hopefully one day, the nanotainer gets used the way Holmes

Read More
2107 Words | 9 Pages

This three element fraud is often referred as a fraud triangle by the researchers (Cohen, Ding, Lesage & Stolowy, 2010, p. 276). On the other hand the theory of planned behavior focuses on the intentions behind the planned behavior. Ajzen (1991, p. 188) explains this as “attitude toward the behavior… refers to the degree to which a person has a favorable or unfavorable evaluation or appraisal of the behavior in question”. Cohen, Ding, Lesage & Stolowy (2010) have combined the fraud triangle and theory of planned behavior to understand that how the two theories can be collectively studied to find out the reasons behind the unethical activities that results in corporate frauds. Cohen, Ding, Lesage & Stolowy (2010) in their work studied various organizations including WorldCom and identified following: • WorldCom’s management had an excessive interest in maintaining the entity’s stock price and earning trends (p. 287).

Read More

More about The Scams Of Elizabeth Holmes And Anna Sorokin

Open Document