On Wednesday, Ramesh “Sunny” Balwani, the former COO of failing blood testing startup Theranos, will be sentenced for fraud. This will put an end to the shocking demise of a fraudulent Silicon Valley company that culminated in the unprecedented convictions of two tech executives.
A few weeks prior, Balwani’s ex-girlfriend and Theranos founder Elizabeth Holmes was given a sentence of more than 11 years in prison.
According to a 2015 Wall Street Journal investigation, Theranos has only ever accurately completed a few dozen of the hundreds of tests it offered using its patented technology. Additionally, it was discovered that Theranos was not using its own technology, but rather devices made by third parties for conventional blood testing businesses. In the end, Theranos was shut down in September 2018.
On the same 12 felony accusations of deceiving investors and patients about Theranos’ capabilities and business practices in order to get money, Holmes and Balwani were initially charged jointly four years ago. After Holmes made it known she wanted to charge Balwani with abusing her physically, mentally, and psychologically over the course of their decade-long relationship, which coincided with her term as the company’s CEO, their trials were suspended.
Balwani faces a maximum sentence of 20 years, which would be served concurrently with the 20 years he would receive for each of the 12 offenses.
New filing in United States v. Elizabeth Holmes: Status Reporthttps://t.co/WdBRsH6ajM pic.twitter.com/UBLrntqlkD
– Big Cases Bot (@big_cases) July 16, 2019
Celebrity News Update- Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins and Herbs.
Who are the Theranos investors who were defrauded by Elizabeth Holmes?
