The famous Ramesh Sunny Balwani is an American convicted fraudster, businessman, and former president and chief operating officer of Theranos, which was a privately held health technology company founded by his then-girlfriend Elizabeth Holmes.
Balwani joined Theranos in 2009. He ran the company’s day-to-day operations as its president. He had no training in biological sciences or medical devices, which became an issue due to the absence of medical experts on the company’s board of directors and Balwani’s behavior. He was described by former Theranos employees as overbearing, uncompromising and so concerned about industrial espionage that he verged on paranoia.
What did Ramesh Balwani do?
In March 2018, Balwani and Holmes were charged by the SEC with securities fraud, raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance. Holmes settled the case out of court without admitting or denying wrongdoing, but Balwani is still in litigation as of 2022. He says he is innocent of the charges.
How long is Ramesh Balwani going to jail?
Ramesh Sunny Balwani, the former chief operating officer of failed blood-testing startup Theranos, was sentenced Wednesday to nearly 13 years in prison for fraud.
