The FDA was the regulator for Theranos' products, which were used by customers, and the SEC was the regulator for Theranos' securities. https://theconversation

The FDA was the regulator for Theranos' products, which were used by customers, and the SEC was the regulator for Theranos' securities. https://theconversation.com/how-theranos-faulty-blood-tests-got-to-market-and-what-that-shows-about-gaps-in-fda-regulation-168050 https://theconversation.com/how-theranos-faulty-blood-tests-... https://www.sec.gov/litigation/litreleases/lr-24069 https://www.sec.gov/litigation/litreleases/lr-24069 Wirecard was actually a much worse regulatory failure in that the regulator attempted to prosecute the reporters which revealed the affair. Not only did the regulator fail to uncover either side of Wirecard's illegal behaviour, they went after the people who did. https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448ee20 https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448e...