New York City
Tuesday, April 23, 2024
“THE CEO PUBLICATION owns both and websites"


Retired Theranos COO Sunny Balwani was convicted to nearly 13 years in lockup

Retired Theranos COO Sunny Balwani was convicted to nearly 13 years in lockup

December 13, 2022: -Former Theranos chief operating officer and president Ramesh “Sunny” Balwani was convicted to almost 13 years in prison Wednesday for fraud after the unravelling of the blood-testing juggernaut prompted criminal authorities in California federal court against the two of Balwani and Theranos founder Elizabeth Holmes, example on November 18 was sentenced to more than a decade in prison.

During the sentencing hearing, attorneys for Balwani are attempting to pin the blame on Holmes, which tells U.S. District Court Judge Edward J. Davila that “Elizabeth Holmes made decisions.”

Davila had set a sentencing range of over a decade plus three months to 14 years, but prosecutors sought a 15-year conviction given his “significant” oversight role at Theranos’ lab business.

The final guideline sentence was 155 months over three years of probation. Davila is setting a March 15, 2023, surrender date.

Balwani and Holmes, ex-romantic partners, helming Theranos as the company enjoyed a meteoric increase, attracting backers ranging from the DeVos family to the news magnate Rupert Murdoch. One of Murdoch’s establishments, The Wall Street Journal, first stated irregularities with Theranos’ purportedly revolutionary blood-testing machines.

As COO, Balwani managed the company’s laboratory business and financial aspects. Theranos was marred with repeated failures in his tenure, which included falsified documents and erroneous test results.

“I am responsible for all the things at Theranos,” Balwani added in a message to Holmes. Balwani takes broad responsibility for day-to-day operations at the company.

Theranos claimed the machines required recent drops of blood to run and could execute over 1,000 tests. The Journal reported that the company could only process over a dozen trials. The Journal’s reporting eventually spurred the firm’s dissolution in 2018 and the arrest of Balwani and Holmes on fraud prices.

Balwani’s sentencing in federal court marks the Theranos saga, which enthralled the public and is being prompted by documentary movies and novel treatments.

With a star-studded investor noted, a captivating founder drawing comparisons to Apple’s Steve Jobs, and revolutionary technology, the company represented the apex of Silicon Valley ingenuity for a time.

The revelations about Theranos brought nearly a stunning fall from grace for Balwani and Holmes, who were in a connection for much of their tenure at the firm. Holmes accuses Balwani of abuse in court proceedings, providing texts and contemporaneous notes from their relationship as evidence.

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.

Elon Musk lands with Apple's CEO, which speaks Apple never considered pulling the Twitter app

Receive the latest news

Request for online magazine

Join Us

Advertise with us

meteroid vecrtor
Receive the latest news

Contact Us