Sunny Balwani sentenced to just about 13 years in jail for Theranos fraud

Former Theranos COO Ramesh "Sunny" Balwani and his legal team leave the Robert F. Peckham Federal Building on July 7, 2022 in San Jose, California. Balwani was found guilty on 12 counts of conspiracy and fraud for allegedly engaging in a multimillion-dollar scheme to defraud investors.

Enlarge / Former Theranos COO Ramesh “Sunny” Balwani and his authorized workforce depart the Robert F. Peckham Federal Constructing on July 7, 2022 in San Jose, California. Balwani was discovered responsible on 12 counts of conspiracy and fraud for allegedly participating in a multimillion-dollar scheme to defraud traders. (credit score: Getty | David Odisho)

A federal decide has sentenced Ramesh “Sunny” Balwani, 58, to just about 13 years in federal jail for fraud associated to the defunct blood-testing startup Theranos, which promised to carry out greater than 200 medical checks with just some drops of blood regardless of its know-how by no means working correctly.

Balwani, who served as Theranos’ chief working officer, was convicted of all 12 counts of fraud in a unanimous verdict in July. Not like Theranos CEO Elizabeth Holmes, Balwani was convicted of defrauding traders and sufferers. Holmes’ conviction on 4 counts of fraud solely associated to defrauding traders; she was acquitted of counts associated to defrauding sufferers.

Holmes and Balwani, who had been beforehand romantic companions, had been co-conspirators in Theranos’ fraud and had been indicted collectively 4 years in the past. Nonetheless, US District Decide Edward Davila in San Jose, California, separated their instances in 2020.

Learn 5 remaining paragraphs | Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *