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Not every fraud is a ponzi scheme. Ponzis are a specific kind of fraud where existing investors are paid dividends using investment funds from new investors. I haven't heard that existing Theranos investors ever got payouts.

good comment.

Most folks think in terms of absolutes, like "good vs bad", "right vs wrong", "steve jobs", "freedom", "jail", "fraud", "ponzi scheme", "criminals", and don't care about the details. People are easily misled by labels, like "Little Marco" or "Lyin' Ted" or "Crooked Hillary"

All of a sudden people are calling Theranos a ponzi scheme when it's doing something completely different.

The CTO committed suicide.

The CEO took a deal where they will be paying a fine and will not run a company for 10 years.

The President is fighting the charges.

Fraud charges were brought to the founder and the president recently. If I recall correctly a settlement was reached although I don't recall the specifics.