Ex-Theranos President Ramesh Balwani Gets 13 Years In Prison


Disgraced Theranos Inc. President and Chief Operating Officer Ramesh “Sunny” Balwani was sentenced today to 13 years behind bars for defrauding investors and patients.

U.S. District Judge Edward Davila handed down the sentence in a San Jose, California, federal courthouse.

Last July, Balwani was convicted of collaborating with Theranos CEO Elizabeth Holmes in a giant fraud scheme involving investors and patients of the blood-testing company. The startup falsely claimed that the device they developed could detect diseases and conditions from just a few drops of blood.

Holmes was sentenced in January to over 11 years in prison for her role in duping investors.

In addition to being second in command at Theranos, Balwani was Holmes’ boyfriend, although she claimed in her trial that Balwani sexually and verbally abused her.

Related: What Happened to Theranos CEO Elizabeth Holmes? Everything from Her Net Worth to Where She Is Now

Who is Ramesh Sunny Balwali?

Not much is known about Balwani, including how he got the nickname “Sunny.”

According to a New York Times expose, Balwani once worked as a sales manager for Microsoft and was president of a start-up called CommerceBid.com during the dot.com boom. Balwani made $40 million on that exit and eventually landed a job as the number two at Theranos.

He was later arrested and convicted of two counts of conspiracy and ten counts of wire fraud for his role in the multi-million-dollar Theranos scheme.

Balwani did not speak in his own defense during his trial or his sentencing. He is expected to appeal his conviction.



Source link: https://www.entrepreneur.com/article/440639

Sponsors

spot_img

Latest

The French response to Alun Wyn Jones’ last ever game for Toulon

Retiring Welsh great Alun Wyn Jones has been farewelled from professional rugby in winning fashion after Toulon snatched a late 30-27 win...

XRP, DOGE Shining Lights in Altcoin Market Depth Boost

XRP is the top traded altcoin of 2023 with over $150B trading volume. Dogecoin added a...

How To Compete On An International Scale

Businesses looking to expand and dominate an industry need to compete on an international scale. But competing on this level, with businesses all...

A CISO’s perspective on a TikTok ban and what it means for enterprises 

Join top executives in San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success. Learn More The...

A data shows how Rafael Nadal’s career was limited by injuries

© Chris Hyde / Stringer Getty Images Sport Novak Djokovic is the man of records, the tennis player who shattered every record and...