Sunny Balwani was brought to steer up Theranos which is the health technology company founded by Elizabeth Holmes at age 19 in 2003.
Elizabeth Holmes is the face of the firm where Balwani used to serve as a COO. Balwani, who was the COO, reportedly executed the day-to-day operations.
Sunny Balwani, Trial Goes On Theranos Case
It is reported that Elizabeth and Sunny Balwani were in a romantic relationship and the duo kept their romance behind the curtain for a long time. A former executive of Theranos Ramesh Balwani alias Sunny Balwani was found guilty of being a part of massive fraud on Thursday.
This fraud disgraced Elizabeth Holmes who is the CEO of the company which was once the toast of Silicon Valley and valued at around 9 billion dollars.
All the 12 jury members found Ramesh Balwani guilty on all 12 felony counts of defrauding Theranos investors and all the patients who relied on totally unreliable blood tests that could have put their health at a big risk.
Sunny Balwani sat expressionless as the verdicts were read in a court in San Jose, California. He was blinking frequently and also he was rarely looking at the faces of all the seven women and five men who convicted him guilty.
The outcome of the hearing left Ramesh Balwani and Elizabeth Holmes with 20 years of prison after being convicted on four counts of investor fraud and other conspiracies earlier this year. The sentencing for the duo has been scheduled for 15 November this year.
Throughout the trials which began on March 23 this year and were carried out for months, the prosecutors alleged that Ramesh Balwani had played a very important role along with Elizabeth Holmes in lying to all the investors and the patients about the ability of the Theranos’ blood-testing machines.
This was indeed a threat to the lives of innocent patients. On the other hand, Balwani’s attorneys tried their best to minimize his role in the Theranos scam.
They reportedly argued that Elizabeth Holmes was solely responsible for the Theranos fraud.
Theranos’ insincerity first came out in public in the year 2015, when an investigation carried out by the Wall Street Journal brought it out that the technology used by the company could only accurately run roughly a dozen of blood tests.
On the other hand, the company reportedly claimed that it could run hundreds of tests. Shortly after all these revelations, the company collapsed and instantly became a Sobering Silicon Valley tale.
Theranos’s downfall has now become a matter of case studies and also the subject of some hit documentaries and TV series.
Elizabeth Holmes’s trial was carried out in the federal court last year. She was later convicted in January this year of four counts of fraud. She has now appealed the verdict and has also accused Ramesh Balwani of abusing her emotionally and sexually.
Elizabeth’s allegations were not at all discussed in Balwani’s trial. On the other hand, Balwani reportedly denied all the allegations.