Theranos' fraud case: India-based former CEO Ramesh Balwani sentenced to jail for 13 years, particulars inside

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Theranos' fraud case: India-based former CEO Ramesh Balwani sentenced to jail for 13 years, particulars inside
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Theranos' fraud case: India-based former CEO Ramesh Balwani sentenced to jail for 13 years, particulars inside
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New Delhi: Sunny Balwani, a former Theranos COO, was given a 13-year jail time period for his involvement within the blood testing startup’s fraud. Theranos founder Elizabeth Holmes, who acquired an 11-year time period in a separate trial, was in a relationship with Balwani. In keeping with Holmes’ testimony, her ex-boyfriend Balwani mistreated her and coerced her into mendacity to traders. At Theranos, her agency that she claimed was perfecting a tool that would do quite a lot of checks with only a few drops of blood, she described Balwani as a controlling power. Nonetheless, the claims had been unfaithful and the know-how was by no means practical.

In keeping with US Legal professional Stephanie Hinds, Balwani, 57, of Fremont, was sentenced on Wednesday to 12 years and 11 months in federal jail for fraud that endangered affected person well being by misrepresenting the reliability of Theranos’ blood evaluation know-how and that defrauded the corporate’s traders of thousands and thousands of {dollars}. 


US District Decide Edward Davila additionally ordered Balwani to endure three years of supervision after his launch from jail along with the 155-month jail time period. The quantity of compensation that Balwani should pay shall be determined at an upcoming listening to. On March 15, 2023, Balwani was advised to show himself in to start out serving his jail time period.

From September 2009 to July 2016, Balwani labored for the Palo Alto-based blood testing enterprise began in 2003 by his ex-girlfriend Elizabeth Holmes, who was as soon as hailed as Silicon Valley’s rising star.

Image courtesy: Reuters

Holmes was given a federal jail sentence of 11 years and three months final month by District Decide Davila, who additionally commanded that she flip herself in in order that she might begin serving her time on April 27, 2023. When Balwani first met Holmes, he was 18 years outdated.





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