Wednesday, February 8, 2023

Theranos executive sentenced to nearly 13 years

SAN JOSE, Calif. ( Associated Press) – Former Theranos executive Ramesh “Sunny” Balwani was sentenced Wednesday to nearly 13 years in prison for his role in the company’s blood test fraud, slightly less than the sentence imposed on an executive director. More, who was her lover and accomplice in one of Silicon Valley’s biggest scams.

Balwani, 57, was found guilty in July of fraud and conspiracy related to the company’s failed medical technology, which misled investors and put patients at risk.

The company’s founder and chief executive, Elizabeth Holmes, 38, was jailed for more than 11 years for her part in the plot, which has been analyzed in a book, a documentary on HBO and an award-winning documentary. television series.

Balwani’s sentence is less than the 15 years requested by federal prosecutors, who describe him as a ruthless and power-hungry man. But that is much longer than the four to ten months recommended by his lawyers.

The scam centered on the company’s false claims that it had developed a device that could detect hundreds of diseases and other possible conditions from a few drops of blood drawn from a finger prick.

After years of promoting the technology, Holmes and Balwani were warned that the blood tests were inaccurate, but they continued to raise money from investors including billionaires such as software mogul Larry Ellison and media mogul Rupert Murdoch, and implemented the technology in some . Walgreens Store.

In total, Theranos raised about $1 billion before its collapse in 2018, partly relying on financial statements that predicted revenue growth.

Judge Edward Davila said the numbers presented by Balwani “were not just estimates, they were lies” and “a true flight from honest business practices.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news