Sunny Balwani, 57, former chief operating officer and president of Theranos, has been sentenced to 12 years and nine months in prison. Balwani was found guilty of conspiracy on 12 counts in July by a California court.
Balwani’s sentencing comes weeks after his former girlfriend and boss was sentenced to 11 years and three months in prison. Holmes’ sentence is set to begin from April 2023.
Here’s all you need to know about the case:
Balwani became a part of Theranos in 2009. Despite being the company’s president, he had no prior experience in medical or biological sciences.
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In October 2015, a report published in The Wall Street Journal claimed that the blood-testing device created by Theranos provided wrong results. In the following year, the Centers for Medicare and Medicaid Services (CMS) proposed that Balwani be banned from running a blood test lab for two years.
The Securities and Exchange Commission (SEC) charged Holmes and Balwani with securities fraud in 2018. The charges against them were of “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 her case out of court while Balwani pleaded innocence.
The duo were charged with wire fraud on nine counts and conspiracy to commit fraud on two counts after an investigation by the U.S. Attorney’s Office.
Holmes was found guilty in January 2022. Her sentence was announced on November 18, 2022.
Balwani was found guilty on July 7, 2022 in all the counts of charges that were brought against him.
Holmes and Balwani met each other in 2002 when the former was 18 years old. They have an age gap of 19 years. Holmes had earlier accused Balwani of sexually abusing her during the course of their relationship.