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Sunny Balwani, Elizabeth Holmes' right-hand man at Theranos, has been sentenced...

 1 year ago
source link: https://finance.yahoo.com/news/sunny-balwani-elizabeth-holmes-hand-224313901.html
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Sunny Balwani, Elizabeth Holmes' right-hand man at Theranos, has been sentenced to nearly 13 years in prison

Sarah Jackson
Thu, December 8, 2022, 7:43 AM·3 min read
Former Theranos president and COO Ramesh "Sunny" Balwani was sentenced in federal court on Wednesday, December 7, 2022.
Sunny Balwani, who had been Theranos' No. 2 person, was sentenced to nearly 13 years in prison on Wednesday.Stephen Lam/Reuters
  • Ramesh "Sunny" Balwani, former president and COO of now-defunct blood-testing startup Theranos, has been sentenced to 12 years and 11 months in prison and 3 years of probation.

  • Balwani was convicted in July on all 12 counts of fraud and conspiracy brought against him.

  • His sentencing comes weeks after his former business partner and ex-girlfriend, Theranos founder Elizabeth Holmes, was sentenced to more than 11 years in prison.

Ramesh "Sunny" Balwani has been sentenced to nearly 13 years in prison related to his role at infamous blood-testing startup Theranos — meaning he's likely to serve more time than his ex-lover Elizabeth Holmes, who last month got a sentence of just over 11 years for her role in the fraud.

The 58-year-old former Theranos president and COO was Holmes' right-hand man at the company for years. He was sentenced in federal court in California on Wednesday to 155 months in prison — or 12 years and 11 months — and has been ordered to self-surrender on March 15, 2023. Restitution will be decided at a later date.

Balwani declined to speak before the court at his sentencing, according to multiple news reports.

He was convicted in July on all 12 counts of fraud and conspiracy brought against him. During Balwani's monthslong trial, which featured many of the same witnesses as Holmes' trial, his defense used his position as No. 2 at Theranos to point the finger at Holmes for the company's failures.

His sentencing comes shortly after Holmes was sentenced to 11.25 years in prison late last month, with three years of supervised release. She was convicted on four of 11 counts of fraud and conspiracy in January and has been ordered to report to prison in April 2023.

Holmes and Balwani headed up Theranos for years. Before joining the company, Balwani had a stint at Microsoft and was president of a software development company that was ultimately acquired for $225 million. He and Holmes met in 2002 on a trip to Beijing through a summer Mandarin immersion program run by Stanford University. At the time, Holmes was 18 years old and Balwani was 37.


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