Mr. Balwani is innocent, and looks forward to clearing his name at trial.. His nearly 13-year ordered term is even longer than what Elizabeth Holmes received. He did not defraud consumers but instead worked tirelessly to empower them with access to their own health information. In dueling sentencing memorandums filed late Wednesday night, lawyers for convicted Theranos executive Ramesh "Sunny" Balwani told a federal judge that their client should be put on probation and not serve any prison time. He then warned her about 'challenges' ahead and said 'U need me'. In her presentation, Amy Walsh asserted Theranos still had $350 million in cash and intellectual property worth about $100 million in May 2016 when Holmes fired Balwani as the company's chief operating officer and ended their romantic relationship. Sunny was charged with 10 counts of wire fraud and two counts of conspiracy to commit wire fraud. They met in Beijing before Holmes' freshman year in college. "Once we started working together it was a very intense relationship and that romantic piece that was there at the very beginning died," Holmes said during her deposition. Ramesh "Sunny" Balwani, the former COO of failed blood testing startup Theranos and ex-boyfriend of founder Elizabeth Holmes, was found guilty of defrauding investors and patients. Prosecutors saidBalwani, 57, conspired with Holmes, 38, to deceive Silicon Valley investors into believing the company had achieved miniaturized machines that could accurately run a broad array of medical diagnostic tests from a small amount of blood. A stray shower or thunderstorm is possible. He and Elizabeth hid their relationship while they worked together. Sunny and Elizabeth met in Beijing, China, in 2002. Balwani stepped forward with a substantial loan that kept the company afloat. Ramesh Sunny Balwani first met future Theranos founder Elizabeth Holmes in Beijing in 2002. Little is known or has been reported about Balwanis pre-Theranos life. Holmes's plans to argue intimate. Their romance had started to fizzle but he continued working at Theranos for a year. "Sunny Balwani did not start Theranos, he did not control Theranos, he did not have final decision-making authority at Theranos," said Balwani's attorney, Stephen Cazares. Theranos sought to revolutionize the medical testing industry with a product that could assess an array of potential health issues with just a few drops of blood. But how did it get to that point? Davila had set a sentencing range of 11 years plus three months to 14 years, but prosecutors Wednesday sought a 15-year sentence given his "significant" oversight role at Theranos' lab business. She has a masters degree from American University, lives by the beach, and hopes to own a teacup pig and taco truck one day. Holmes testified that a 2015 internal lab inspection that she read in 2016, which detailed the threat Theranos products posed to patients, was her wake-up call. Do Not Sell or Share My Personal Information. It was one of Murdoch's publications, The Wall Street Journal, that first reported on irregularities with Theranos' purportedly revolutionary blood-testing machines. The deceit resulted in Balwani's conviction on 12 counts of fraud and conspiracy. 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. Texts between the two were released during the trial, which included Sunny saying things like Missing u in every breath and in every cell, per Bloomberg, with Elizabeth replying ditto.. He was convicted of 12 fraud-related charges back in July. Ramesh "Sunny" Balwani is the former COO of Theranos, as well as the former lover of Theranos CEO and founder Elizabeth Holmes. By 2009, Holmes had burned through most of the companys early investor capital and needed a loan to reach the next stage of fundraising. He was convicted on 12 fraud-related charges. 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 memorandum continued: "There are truly evil people in this world who take pleasure in defrauding vulnerable people. We want to hear from you. SAN JOSE, Calif. (AP) Former Theranos executive Ramesh "Sunny" Balwani returned to federal court Friday in a last-ditch attempt to stay out of prison while appealing a jury's verdict. Theranos claimed the machines required just a few drops of blood to run and could execute more than 1,000 tests. He has pleaded not guilty to all 12 counts. Davila didn't issue any rulings at the end of the 90-minute hearing. 24/7 coverage of breaking news and live events. Holmes and Balwani met in 2002 when she was about 18 years old and he was 37. Article Former Theranos executive Ramesh "Sunny" Balwani, who long served as the second-in-command to founder Elizabeth Holmes, was convicted of all 12 counts in federal court in San Jose for. 'I know u r angry in ur way. The victims of their crimes were listed as investors and patients. His decision on whether Balwani can remain free on bail while he appeals his conviction, however, is likely to come soon. However, Balwani's trial was separated from Holmes'. Balwani and Holmes, former romantic partners, helmed Theranos as the company enjoyed a meteoric rise, attracting backers ranging from the DeVos family to news magnate Rupert Murdoch. The former CEO, who faces up to 20 years in prison if convicted, blamed Ramesh Sunny Balwani for much of the deception that occurred at Theranos, even though she acknowledged that she was the ultimate decision maker. In fact, he met Holmes when she was just 18 and joined Theranos in its early days. 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. He bought a condo in Palo Alto, and in 2005 Holmes moved in with him. Silicon Valley executive Ramesh "Sunny" Balwani has been found guilty of deceiving investors as part of a plot with ex-girlfriend Elizabeth Holmes. Holmes was convicted in January on four counts of fraud and conspiracy but acquitted of defrauding patients. When he walked out the door, the company was extremely valuable," Walsh said in Balwani's defense. Sunny Balwani is still insisting that his role in the Theranos scandal should mean no jail timeand no damages owed. All have been my decisions too." Willnail this motherf****r' . Heres What To Know. They kept their relationship a secret from Theranos staff and investors as well as the public. Who was the most important adviser to you? asked Downey. By Data is a real-time snapshot *Data is delayed at least 15 minutes. Your Privacy Choices: Opt Out of Sale/Targeted Ads. With a star-studded investor list, a captivating founder who drew comparisons with Apple's Steve Jobs, and a potentially revolutionary technology, the company for a time represented the apex of Silicon Valley ingenuity. She'd reportedly first met him during a college trip to Beijing when she was 18. 'Can't leave like this,' he went on, warning Holmes that he 'didn't like' the 'PR direction' she was heading in. In 2016, the pair split up and Sunny left Theranos. One former employee says, also on the podcast, that Balwani earned the nickname "the enforcer" due to his intimidating management style. Former Theranos COO Ramesh "Sunny" Balwani was convicted on fraud-related charges in federal court last week. There were people that were long-term investors and I wanted to talk about what this company could do a year from now, five years from now, 10 years from now.. The cause of a man's death in a ditch after being gone for three months was unknown to the coroner. 2023 CNBC LLC. 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. During her trial, Elizabeth accused Sunny of emotional and physical abuse, which he has since denied. Comparisons between Balwani and his ex-girlfriend and former Theranos CEO Elizabeth Holmes have increased . Jennifer Smith, Chief Reporter For Dailymail.Com In a 2014 New Yorker article, Theranos investor Henry Kissinger says he and his wife tried unsuccessfully to set Holmes up on dates. All Rights Reserved. SAN JOSE, Calif. . Butwho exactly is Sunny Balwani and where is he now? 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. Joshua St Clair is an Assistant Editor at Men's Health Magazine. He told me that I didnt know what I was doing in business, that my convictions were wrong, that he was astonished at my mediocrity and if I followed my instincts, I was going to fail, Holmes claimed. Holmes replied: 'What makes you say lazy.'. . We've received your submission. Balwani was the former president and COO of Theranos. Elizabeth Holmes' play to delay her sentencing worked like a charm, as the Theranos founder is getting an evidentiary hearing today rather than the previously-scheduled sentencing.Her co-conspirator, Ramesh "Sunny" Balwani, won't get the same opportunity, however. Heres how Holmes seemingly unqualified partner came to be one of the top dogs at Theranos. And, despite sharing a residence four miles from Theranos headquarters, many of the employees were unaware they were involved. An interview with a Theranos assistant was also included and detailed how both Balwani and Holmes ordered each other flowers for Valentine's Day in 2016. Your Privacy Choices: Opt Out of Sale/Targeted Ads. Holmes replied: 'I saw it. It marks an end to the. 00:29 GMT 04 Jan 2022 ", Balwani, the lawyers said, falls into the latter category: He "did not profit, nor did he try to profit," from his fraudulent conduct. 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 other main character from this real-life saga is Ramesh "Sunny" Balwani, the Theranos founder's business partner and ex-boyfriend. Balwani didn't testify in his own defense. Both he and Holmes have denied fraud. 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. 2023 NYP Holdings, Inc. 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Balwani is scheduled to be sentenced in federal court in San Jose on Dec. 7. Sunny Balwani's trial began in March 2022; he was charged with 12 counts of fraud. These days, Holmes and Balwani are facing up. 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. Holmes, who started the company as a college student and became its public face, was indicted alongsideBalwani, her former romantic partner, in 2018. Balwani was found guilty on all counts on July 7, 2022, and faced up to 20 years in prison and restitution. And, the Securities and Exchange Commission filed four claims against him for violating the U.S. Securities Act. Both pleaded not guilty and were released on bail. The two sides also painted radically different pictures in their arguments about whether Balwani should be allowed to remain free during his appeal. Elizabeth dropped out of Stanford University to run her new company, rising to fame before crashing down after the blood testing machines that were her brainchild didn't work the way she promised investors they did. According to Carryrous reporting in Bad Blood, Balwani then began to take on an immediate management role to the confusion and discomfort of many at the company; he is described as something a paranoid bully. Ramesh "Sunny" Balwani, the former chief operating officer of failed blood testing startup Theranos, was sentenced Wednesday to nearly 13 years in prison for fraud. Everything to Know About Sunny Balwani. The wild and complicated story of Theranos founder Elizabeth Holmes and her quest to create a company that would diagnose a slew of serious health conditions with a single drop of blood is finally drawing to a close. In 2015, the company came under scrutiny. The request came after Holmes took the stand in her own trial and accused Balwani of abuse and blamed him for Theranoss collapse. The sentence on Wednesday was handed down by Judge Edward J. Davila at a federal courthouse in San Jose, California. The lawyer also pointed to Balwani's non-violent history and past charity work in India as evidence he poses no danger to the community. Balwanis attorneys asked for a sentence of probation, arguing that he sought to make the world a better place through Theranos and was not motivated by fame or greed. Down to 5 people. Updated: Oct 12, 2022 / 10:04 AM PDT. 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. Balwani was convicted of 12 counts of wire fraud and conspiracy based on his role in selling investors and patients on Theranos' malfunctioning blood-testing technology. We've received your submission. Former Theranos COO Sunny Balwani sentenced to nearly 13 years. Ramesh "Sunny" Balwani, the business partner of disgraced Theranos founder Elizabeth Holmes, has been sentenced to nearly 13 years in prison. 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. The texts between Holmes and her ex show how - before she reported to authorities that Balwani abused her into committing fraud - she considered him her 'king', her 'tiger' and the man she would build a future with. By comparison, his . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. David Paul MorrisGetty Images After working at companies like Microsoft and Lotus, Sunny made his. Since Sunny has . U.S. District Judge Edward Davila, who presided over both trials, sentenced Holmes to more than 11 years in prison, despite her lawyers' request for a maximum sentence of 18 months of house arrest. She testified that when she laterstarted dating Balwani, he said I was safe now that I had met him.. Ahead of her sentencing, her . Once valued at $9 billion, Theranos promised to revolutionize how patients receive diagnoses by replacing traditional labs with small machines envisioned for use in homes, drugstores and even on the battlefield. 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. But text messages revealed during the prosecution contradicted her narrative. Balwani was 37. David Paul Morris/Bloomberg via Getty Images, Bad Blood: Secrets and Lies In aSilicon Valley Startup. It is scheduled to begin on March 15 and to last 13 weeks. Several of the newly unsealed documents relate to the successful efforts by Holmes's ex-boyfriend, Ramesh "Sunny" Balwani, to separate his trial from hers. Balwani faced a sentence of 20 years for each of the 12 counts, but legal experts expect the sentences to be served at the same time, giving him a maximum sentence of 20 years. Balwani was born in Pakistan to a Sindhi Hindu family who emigrated to the United States. 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. Balwani ran operations at Theranos as it secured investments from, among others, News Corp.'s Rupert Murdoch and former Trump Cabinet official Betsy DeVos. By this time, Theranos was hoping to market directly to consumers through retail partners, even though their blood-testing machine was still not ready; it could not consistently or accurately give results for the number of tests it claimed to be capable of running. 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