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Balwani is scheduled to be sentenced in federal court in San Jose on Dec. 7. Sunny's trial was being held in the same courtroom where Elizabeth was convicted earlier in January, and he faced the same charges. The places I would go outside work.. Holmes replied: 'What makes you say lazy.'. But how did it get to that point? Balwani, 57, was convicted in July on 12 counts of fraud and conspiracy after persuading investors and patients to trust the company's faulty blood testing devices. The company collapsed after a series of Wall Street Journal articles in 2015 questioned its technology. Former Theranos Chief Operating Officer and President Ramesh "Sunny" Balwani was sentenced to nearly 13 years in prison Wednesday for fraud, after the unraveling of the blood-testing juggernaut prompted criminal charges in California federal court against both Balwani and Theranos founder Elizabeth Holmes, who on Nov. 18 was sentenced to more than 11 years in prison. Sunny's trial began in March of this year after COVID-19 delays, per ABC News. In the same year, Holmes was sued for fraud by the SEC alongside former company president Sunny Balwani, who was also her ex-boyfriend. In addition to 135 months in prison, Holmes was ordered to serve three years of supervised release after the sentence. However, Balwani's trial was separated from Holmes'. Theres the HBO documentary The Inventor, the Wall Street Journal podcast Bad Blood, a book by the same name, and ABCs podcast The Dropout, which Hulu recently adapted into a miniseries starring Amanda Seyfried. Balwani didn't testify in his own defense. I thought it would be better. Elizabeth Holmes was found guilty on four out of seven counts of criminal fraud against investors, and was sentenced to federal prison for 11 years and three months. One former employee says, also on the podcast, that Balwani earned the nickname "the enforcer" due to his intimidating management style. Balwani assumed broad responsibility for day-to-day operations at the company. We want to hear from you. In 2017, the company came under investigation by the SEC. In July 2015, the pair discussed Balwani leaving the company. On Dec. 7, Federal District Judge Edward J. Davila sentenced Sunny to nearly 13 years in prison, according to The Washington Post. Balwani was the former president and COO of Theranos. By Kate Storey and Abigail Covington. And Holmes's mother told that reporter: As a parent, I do hope that at some point she will have time for herself.. Alongside Holmes, Balwani was indicted on charges of defrauding investors in 2018. During her trial, Holmes alleged that Balwani psychologically and physically abused her over the course of their romantic relationship -- accusations that he forcefully denied. The probation office had recommended a nine-year sentence. Former Theranos president Ramesh "Sunny" Balwani, who was indicted Friday on two counts of conspiracy to commit wire fraud and nine counts of wire fraud, is fighting back with a curious legal . BY Michael Liedtke and The Associated Press. Do Not Sell or Share My Personal Information. Balwani was romantically linked to Theranos founder Elizabeth Holmes, who later accused Balwani of sexual and emotional abuse. He was convicted on 12 fraud-related charges. Mr. Balwani is innocent, and looks forward to clearing his name at trial.. Elizabeth Holmes, left in court last month, is on trial for fraud. Balwani perpetrated a "decade-long campaign of psychological abuse," Holmes' lawyers argued. Former Theranos executive Ramesh "Sunny" Balwani returned to federal court Friday in a last-ditch attempt to stay out of prison while appealing . 2023 CNBC LLC. Sunny and Elizabeth met in Beijing, China, in 2002. By comparison, his . Lawyers for Balwani depicted Theranos as a venture launched and shaped by Holmes. Data is a real-time snapshot *Data is delayed at least 15 minutes. Federal prosecutors are seeking a court order that would saddle Balwani with a restitution bill of nearly $900 million a figure that would likely be largely symbolic. She also said that he managed her diet and her relationships with other people. He is expected to appeal his conviction. Elizabeth Holmes Sunny Balwani. He then came on to Theranos to run the company alongside Holmes. Kate Storey is a Writer-at-Large for Esquire covering culture, politics, and style. In February, after Holmes's trial wrapped, Balwanis counsel asked the judge to exclude from his trial any evidence or information obtained during Holmess proceedings. Davila seemed skeptical of that rationale, asking Walsh: Are you saying his conduct was completely divorced from Theranos' demise?". There are also those who try to make the world a better place, even if they still engage in conduct that a jury finds violated those statutes. Where Is Elizabeth Holmes Now? In a deposition, a Securities and Exchange Commission (SEC) attorney asked Holmes about Balwanis hiring. Sunny Balwani and Elizabeth Holmes Go To Trial In June 2018, Holmes and Balwani, who was also Holmes' boyfriend for a time, were indicted on nine counts of wire fraud and two counts of. The software developer later joined Theranos in 2009 as chief operating officer, president and unofficially Holmes' personal director of secret police. 24/7 coverage of breaking news and live events. Or in pathology or anything like that? the attorney asked. But Holmes and Balwani had a long-term romantic relationship, Holmes later testified. ", Balwani, the lawyers said, falls into the latter category: He "did not profit, nor did he try to profit," from his fraudulent conduct. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. February 18, 2023, 5:15 PM UTC . And upset with me for not doingeverything you wanted me to do.'. 64, was accused of shunning him. You Can Stream Every 'Rocky' Movie Right Now, 'WoF' Fans Say This Is the 'Biggest Choke' on Show, Daisy Jones & the Six Is a Rock Epic in 10 Parts, See Mariska Hargitays Emotional Tribute on IG. Both Holmes and Balwani were indicted on wire fraud charges in . Although Holmes defense at the recent trial would claim that Balwani was the one actively overseeing lab testing and inflating the companys financial models, texts obtained by Carryrou show that both he and Holmes were actively involved with the companys day-to-day operations. According to reporting by The Wall Street Journals John Carryrou, who first exposed Thernos fraudulent claims to investors in a series of articles, Balwani and Holmes relationship began as a friendship in the summer of 2002. Ramesh "Sunny" Balwani, the former romantic partner of Elizabeth Holmes and president of disgraced blood testing company Theranos, was sentenced Wednesday to 155 months, or nearly 13 years, in prison. At that point, Balwani and Holmes had been living together since 2005; they first met on an exchange program to China through Stanford University in 2002. Heres everything you need to know. Balwani leaves the courthouse in January. Our product picks are editor-tested, expert-approved. A former Theranos employee told 60 Minutes that Sunny was abrupt with staffers and would fire people on the spot who didnt produce the test results they were after. Holmes accused Balwani of abuse in court proceedings, providing text messages and contemporaneous notes from their relationship as evidence. Closing arguments in the trial are expected to begin Dec. 16. A key part of Holmes defense has been shifting blame to Balwani, 56, who Holmes claims abused her physically, emotionally and sexually. Throughout the entire Theranos ordeal, Balwani had maintained his innocence. Who was the most important adviser to you? asked Downey. Balwani, 57, is now scheduled to be sentenced December 7, a postponement from the Nov. 15 date set in July after a jury convicted him on 12 felony counts of a fraud and conspiracy against. It is scheduled to begin on March 15 and to last 13 weeks. Balwani left the company in 2016 after Holmes brought in outside advisers and lab directors. She broke down in tears on the stand and claimed he controlled her schedule, her appearance, and her interactions with her family. The company was operating on a loss and Balwani didn't want to leave until they recouped some money. 2023 NYP Holdings, Inc. 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Abigail Covington is a journalist and cultural critic based in Brooklyn, New York but originally from North Carolina, whose work has appeared in Slate, The Nation, Oxford American, and Pitchfork. On Dec. 7 in San Jose, California, Federal District Judge Edward J. Davila sentenced Sunny to nearly 13 years in prison, according to The Washington Post. Last month, Balwani received a three-week delay in sentencing to give probation officers additional time to offer a recommended punishment. Walgreens severed its partnership and filed a lawsuit against Theranos. He has pleaded not guilty to all 12 counts. Ramesh "Sunny" Balwani, the former lover and business partner of Theranos CEO Elizabeth Holmes, arrives at federal court in San Jose, Calif. on Dec. 7, 2022. Her book, White House By the Sea, about the Kennedys in Hyannis Port, is out summer 2023. Balwani was convicted of 12 counts of fraud and conspiracy in July. "The company was low on cash, and I knew of the mission and that what the company was trying to do was paramount and I offered to help the company and I ended up giving a $13 million personal loan," Balwani, a former software executive, said in court testimony obtained by podcast The Dropout. Holmes also told the jury that she tried not to ignite Balwani, who served as president and chief operating officer of Theranos, in their correspondence, which was often by text message. The dramatic rise and fall of Theranos, the company founded in 2003 by then 19-year-old Stanford University dropout Elizabeth Holmes, captured the world's attention. Coopersmith gave a statement in which he relayed that his client was "obviously disappointed" in the jury's decision and that Balwani was considering several options, including appeal. Prosecutors have submitted texts she exchanged with Theranos co-founder Sunny Balwani, her former secret lover, in 2014 and 2015 . And, the Securities and Exchange Commission filed four claims against him for violating the U.S. Securities Act. Witnesses for the prosecution included former Theranos lab managerMark Pandori, who told jurors "I considered Mr. Balwani and Elizabeth to be unified in all of their decision-making processes,"and described how Balwani had ordered the lab to misrepresent the ways in which their products worked by prioritizing blood samples from investors to make it seem like the process was faster and more accurate than it was, according to Insider. As COO, Balwani managed both the laboratory business and the financial aspects of the company. Prosecutors filed a legal memorandum last week arguing that the severity of the fraud and the need to "promote respect for the law" warrant a prison term of 15 years for Balwani. The two originally bought the mansion in 2013 for $9 million. An investigation by journalist John Carreyrou that uncovered widespread practices of fraud within the company led to Holmes' ousting and the company stopping operations entirely in 2018. In later texts, the pair fretted over FDA regulations and discussed making the company less about healthcare and '100 percent tech'. On Sept. 6, Holmes filed a petition for a new trial based on the reliability of testimony provided by former Theranos lab director . FILE - Ramesh "Sunny" Balwani, right, the former lover and business partner of Theranos CEO Elizabeth Holmes, walks into federal court in San Jose, Calif., June 24, 2022. Holmes, who was romantically involved with Balwani for more than a decade, said their breakup was a process., He showed up at the church I would go to at night and at the Dish, which is where I used to run around Stanford, Holmes said. The two sides also painted radically different pictures in their arguments about whether Balwani should be allowed to remain free during his appeal. Hearst Magazine Media, Inc. All Rights Reserved. In a court filing, the lawyers noted Balwani's financial losses on Theranos and contrasted Balwani's low public profile with Holmes, who drew "fame and media attention.". Ramesh "Sunny" Balwani, former president and chief operating officer (COO) of Theranos and ex-boyfriend of founder Elizabeth Holmes, arrives during jury deliberations at his federal trial for wire . Sunny Balwani, the former Theranos executive and ex-romantic partner of Elizabeth Holmes, has been sentenced to nearly 13 years in prison over his role in the now-defunct blood testing firm.. In September of 2020, at Balwanis request, the presiding judge, U.S. District Judge Edward Davila, announced that Balwani and Homes would be tried separately. The cause of a man's death in a ditch after being gone for three months was unknown to the coroner. In June 2018, a federal grand jury indicted Holmes and Sunny on multiple counts of wire fraud and conspiracy to commit wire fraud. Elizabeth Holmes Sentenced to More Than 11 Years in Prison for Theranos Scam, Judge Denies Motion by Former Theranos Executive Sunny Balwani for New Trial, Team of Volunteers Escort, Protect Hot Dog Vendor Attacked Outside SAP Center, Los Gatos Mom Accused of Hosting Alcohol-Fueled Teen Parties Attacked in Jail, Hospitalized, People Are Buying Girl Scouts' Raspberry Rally Cookies on eBay and the Scouts Are Not Happy. A federal judge on Monday, Nov. 7, granted a three-week delay in the sentencing of Balwani to give probation officers more time to recommend his punishment for engineering a . The sentencing in federal court comes less than three weeks after Holmes, the founder of Theranos, received 135 months, or 11 1/4 years, in prison for defrauding investors. She said she understood and was ready for them but he replied: 'Unfortunately you don't and it brakes [sic] my heart.'. Balwani's trial has been scheduled for next year. A US judge on Wednesday sentenced former Theranos President Ramesh "Sunny" Balwani to 12 years and 11 months in prison on charges of defrauding investors and patients of the blood testing. pic.twitter.com/W7AmOD6UY0, Copyright 2023 NBCUniversal Media, LLC. Balwani committed no crimes. Sunny was also convicted of defrauding patients who used the technology, which was available for a short period at some drugstores. He did not defraud Theranos investors, who were among the most sophisticated in the world. Ahead of her sentencing, her . Another New York Times article reported that Holmes' lawyer told the jury in an opening statement that "Trusting and relying on Mr. Balwani as her primary adviser was one of her mistakes."