18 months ago CM wrote on Theranos (which was set to rule the blood analysis world) saying its biggest problem was gaining trust – not of the company itself but the switching costs for medical professionals to use it. It turns out it was really about a lack of trust, not with doctors but investors. Theranos swindled $700m over three years from investors yet the punishment will be that its founder Elizabeth Holmes pays a $500,000 fine, return 18.9m shares and face a ban from public companies for 10 years after the SEC charged her with “massive” securities fraud. Why no jail? Allen Stanford received 110 years for his $7bn Ponzi scheme. Fraud is fraud. Shouldn’t 1/10th the fraud lead to 1/10th the jail time? Enron’s former CEO Jeff Skilling was fined $45mn with the $11bn failure of the company. Seems like not all fraud was created equal in the eyes of the law.