TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Submission Guidelines

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Theranos fraud case: 13-year jail term for ex-Theranos President Ramesh Balwani

Story • 8th Dec 2022 • 1 Min Read

Theranos fraud case: 13-year jail term for ex-Theranos President Ramesh Balwani

LeadershipEntrepreneurship

Author: People Matters Editorial Team People Matters Editorial Team
1.2K Reads
Balwani, who developed a romantic relationship with Holmes, convicted separately of lying about the accuracy and capabilities of Theranos’s blood-testing machines

In yet another blow to Theranos, its ex.-President and Chief Operating Officer Ramesh ‘Sunny’ Balwani on Wednesday was sentenced to 13 years in prison for defrauding investors and patients of the blood testing start-up.

He ran the firm alongside its founder and Chief Executive Officer Elizabeth Holmes.

A US District Judge Edward Davila in San Jose, California, pronounced the verdict. Balwani’s lawyers sought home detention or supervised release on probation. Davila last month ordered Holmes to serve 11 1/4 years in prison.

Like the case with Holmes, the judge said he’ll decide later how much restitution Balwani must pay. The government has asked for both to be ordered to pay about $800 million.

The 57-year-old ex-CEO chose to remain silent as the judge sentenced him.

“We are disappointed with the outcome,” his attorney, Jeffrey Coopersmith, said in a statement. “We respectfully disagree and plan to appeal.”

According to media reports, Balwani and Holmes allegedly started dating when they were coworkers. They each faced separate trials and were found guilty of lying about the reliability and capabilities of Theranos' blood-testing equipment. By performing a variety of health tests with just a few drops of blood, the duo vowed to revolutionise the medical sector.

As problems cropped up, the company once valued at $9 billion fell apart amid regulatory crackdowns and shareholder lawsuits.

The collapse of the startup and the indictment of Holmes, who became a celebrity Silicon Valley entrepreneur, inspired books, a documentary and a television series. Holmes was convicted of defrauding investors in January. 

Photo: Getty Images 

Read More

Did you find this article helpful?


You Might Also Like

What’s fuelling manager mistrust?

STORY • 27th Jan 2023 • 3 Min Read

What’s fuelling manager mistrust?

LeadershipStrategic HREmployee RelationsEmployee EngagementTalent Management#HRCommunity
Here’s why you should have more women HR leaders

STORY • 24th Jan 2023 • 3 Min Read

Here’s why you should have more women HR leaders

LeadershipDiversity#HRCommunity
New Zealand PM Jacinda Ardern quits

STORY • 20th Jan 2023 • 2 Min Read

New Zealand PM Jacinda Ardern quits

Leadership
NEXT STORY: Why you need right attitude for business success

Trending Stories

  • design-thinking-hr

    The Davos experience: G-P founder Nicole Sahin shares some t...

  • design-thinking-hr

    Adani-Hindenburg Saga: What the future holds for business ty...

  • design-thinking-hr

    Employee Engagement: FAIL. What next?

  • design-thinking-hr

    The fall of Adani: One report, and a 52% crash in value

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Submission Guidelines

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.