A former River Oaks star student once called the next Steve Jobs is now accused of fraud in a case involving $700 million.
Elizabeth Holmes agreed to give up control of her blood-testing startup company Theranos on Wednesday and pay half a million to settle the charges.
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According to the SEC, Holmes started the company in 2003, pitching it as a cheaper way to run dozens of blood tests.
But former employees came forward saying the technology was a fraud, and their tests could actually put patients at risk of having conditions misdiagnosed or even ignored.
Holmes was once considered the nation's youngest female billionaire.
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Her family moved to Houston in the early 90's and she attended St. John's School.
Her former headmaster once told The New York Times she had tireless optimism and a particularly warm smile.