They are literally the victims. Elizabeth Holmes made representations which she knew to be false to secure investments. That is explicitly fraud.

That investors may have been foolish and greedy does not take away from the fact that Holmes acted to deceive them.

If I leave the keys in the ignition of my sports car and it’s stolen, I’m a very foolish person, but certainly no less the victim of a car theft.

In 1995 China and the U.S. both had essentially zero miles of high speed rail. Today China has tens of thousands of miles of high speed rail and the U.S. still has essentially zero miles of high speed rail. We did invest $6 trillion in 20 years of most less pointless warfare.