(Another) Theranos Sentencing
Ramesh “Sunny” Balwani, former president and chief operating officer of failed blood-testing startup Theranos, faces sentencing today after being found guilty of fraud and conspiracy to commit wire fraud in July.
The sentencing comes less than three weeks after his ex-girlfriend and Theranos founder Elizabeth Holmes was sentenced to over 11 years in prison. Theranos, once valued at $10B before collapsing, had failed to design the technology it promised investors that would generate over 100 accurate blood tests via a single finger prick. Balwani had invested about $15M of his wealth into the company.
Balwani’s lawyers seek a sentence of probation or home confinement. Prosecutors suggest 15 years and $804M in restitution, and the probation officer report recommends nine years. Balwani could face more time than Holmes if the judge determines his actions put patients at risk of death or severe injury; Balwani had direct oversight of Theranos’ lab and allegedly often rebuffed concerns by staff.
Catch up on the case here.