The SEC called Theranos fraud ‘massive.’ But it didn’t get the company or founder to admit guilt.

The Securities and Exchange Commission on Wednesday said Theranos committed a “massive” financial fraud, “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.” What the SEC did not get from either Theranos or company founder Elizabeth Holmes — an admission of guilt.