Former Theranos executive Ramesh Sunny Balwani has returned to federal court in a last-ditch attempt to stay out of prison while he's appealing a jurys verdict convicting him of orchestrating a blood-testing hoax with his former boss and lover, Eliz SAN JOSE, Calif. -- 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 convicting him of orchestrating a blood-testing hoax with his former boss and lover, Elizabeth Holmes. 24/7 coverage of breaking news and live events. We can never forget it tiger for our kids never forget who we are' - to panicked discussions in 2015 about internal staff complaints, FDA clearances and the 'challenges' ahead. Balwanis grasp on Holmes was broken in 2016, shortly after the Wall Street Journal published an expose that raised questions about the claims made by Theranos about its blood testing devices. He and Elizabeth hid their relationship while they worked together. Sunny Balwani, Ex-Boyfriend of Elizabeth Holmes and Former Theranos Exec, Begins Fraud Trial. Is 'Daisy Jones & The Six' Based on a True Story? 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. Although Holmes was recently convicted of fraud charges (and awaits sentencing later this year; she could face up to 20 years), Balwanis trial has not yet started. In her testimony, Ms. Holmes has accused Mr. Balwani of emotionally abusing her and. US District Judge Edward Davila in San Jose, California, imposed the sentence onBalwani, who wasconvictedby a jury on two counts of conspiracy and 10 counts of fraud in July. They discussed the result he would get and how he wanted to write 'something negative'. 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. 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. 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. Ramesh "Sunny" Balwani, 57, is an American businessman and the ex-president and chief operating officer of Theranos, a health technology company founded by his then-girlfriend Elizabeth Holmes. The sentence on Wednesday was handed down by Judge Edward J. Davila at a federal courthouse in San Jose, California. He did not defraud consumers but instead worked tirelessly to empower them with access to their own health information. Ramesh 'Sunny' Balwani was someone who understood how to run a successful start-up. In addition to 155 months in prison, Balwani was ordered to serve three years of probation after the sentence. According to an inquest, a postmortem could not determine Alex Holland's precise cause of death. .css-umdwtv{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:.0625rem;text-decoration-color:#FF3A30;text-underline-offset:0.25rem;color:inherit;-webkit-transition:background 0.4s;transition:background 0.4s;background:linear-gradient(#ffffff, #ffffff 50%, #d5dbe3 50%, #d5dbe3);-webkit-background-size:100% 200%;background-size:100% 200%;}.css-umdwtv:hover{color:#000000;text-decoration-color:border-link-body-hover;-webkit-background-position:100% 100%;background-position:100% 100%;}Elizabeth Holmes has been the star of multiple media projects. Ahead of her sentencing, her . Comparisons between Balwani and his ex-girlfriend and former Theranos CEO Elizabeth Holmes have increased . "I am responsible for everything at Theranos," Balwani said in a message to Holmes. Balwani says he gave her a $12-14 million loan. Amanda Seyfried plays Theranos founder Elizabeth Holmes. REUTERS Holmes, who was romantically. "It was interest-free. 'CC'd you on terrible negative reviewfrom someone from Newark lab probably lugs lab. Every product was carefully curated by an Esquire editor. 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 has denied the allegations. In another, they worried about a Wall Street Journal reporter visiting their lab to try out Theranos blood test technology. ", Balwani, the lawyers said, falls into the latter category: He "did not profit, nor did he try to profit," from his fraudulent conduct. She testified that when she laterstarted dating Balwani, he said I was safe now that I had met him.. Theranos COO Ramesh "Sunny" Balwani was sentenced in California federal court on Wednesday after his conviction on fraud charges in the wake of the blood-testing startup's implosion. Balwani committed no crimes. Where Is Theranos COO Ramesh Sunny Balwani Now? In a deposition, a Securities and Exchange Commission (SEC) attorney asked Holmes about Balwanis hiring. Naveen Andrews as Sunny Balwani on the new Hulu adaptation of the Theranos story. Closing arguments in the trial are expected to begin Dec. 16. 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. Former Theranos President and COO Ramesh "Sunny" Balwani smiles after a hearing at a federal court in 2019. Did he have any qualifications in the lab testing business? the attorney asked. But text messages revealed during the prosecution contradicted her narrative. Do Not Sell or Share My Personal Information. Heres everything you need to know. Sunny Balwani (Naveen Andrews) and Elizabeth Holmes (Amanda Seyfried) in Hulu's 'The Dropout.' Beth Dubber/Hulu Throughout history, there have been many heterosexuals who have sullied the good . Your Privacy Choices: Opt Out of Sale/Targeted Ads. 'We are lazy and disorganized and not focused, in work but also in the context of u and me,' he said. Where Is The Dropout's Sunny Balwani Today? 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. The judge did not want their trials to run at the same time. A Division of NBCUniversal. In November, disgraced Theranos founder Elizabeth Holmes was sentenced to 11 years in prison after a jury found her guilty of fraud for lying to investors about her company's technology, which she claimed could test for hundreds of diseases with a few drops of blood. 'I am narrowing this down on CUA. .css-13y9o4w{display:block;font-family:GraphikBold,GraphikBold-fallback,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-13y9o4w:hover{color:link-hover;}}@media(max-width: 48rem){.css-13y9o4w{font-size:1.05rem;line-height:1.2;margin-bottom:0.25rem;}}@media(min-width: 40.625rem){.css-13y9o4w{font-size:1.28598rem;line-height:1.2;}}@media(min-width: 48rem){.css-13y9o4w{font-size:1.39461rem;line-height:1.2;margin-bottom:0.5rem;}}@media(min-width: 64rem){.css-13y9o4w{font-size:1.23488rem;line-height:1.3;}}Every Song From the Daisy Jones' Soundtrack, 'Daisy Jones & The Six' Makes Some Major Changes, 'Sex/Life' Season 2 Features Even More Male Nudity, Hugh Jackman Could Play Multiple Wolverines, 'Ant-Man' Writer Responds to 'Quantumania' Theory. 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. Holmes sought to blame Balwani for her crimes, but was convicted of four charges - one count of conspiracy to commit wire fraud, and three counts of wire fraud. Holmes and Balwani both face 12 chargestwo counts of conspiracy to commit wire fraud and 10 counts of wire fraudfor allegedly engaging in a multimillion-dollar scheme to deceive investors . Balwani was found guilty on all counts on July 7, 2022, and faced up to 20 years in prison and restitution. 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. All have been my decisions too." Hurts so much. Sunny was convicted of 12 fraud-related charges back in July. 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. 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. We may earn a commission from these links. She dropped out of Stanford in 2003 to work on Theranos full-time. Holmes also testified that Balwani abused her and forced her to have sex with him during the time the fraud charges took place. Besides overseeing arguments about Balwani's attempt to delay the start of his nearly 13-year prison sentence, U.S. District Judge Edward Davila also heard a vigorous debate about how much money Balwani should pay investors and patients duped by the Theranos blood tests that never worked as promised. The pair hid their romantic relationship and the fact that they lived together from investors. Holmes started dating the Evans Hotels heir following the end of her controversial relationship with Sunny Balwani. Do Not Sell or Share My Personal Information. She admits they kept the relationship from investors. Balwani was previously married to a Japanese artist, but according to Carreyrou, began dating and living with the Theranos founder in 2005. The request came after Holmes took the stand in her own trial and accused Balwani of abuse and blamed him for Theranoss collapse. When she needed more investors to help the company expand, Sunny gave her enough money to keep going. The account, part of Holmes' defense in a fraud case, kicked off a series of questions about her relationship with her former boyfriend and chief operating officer, Ramesh "Sunny" Balwani, a. Alongside Holmes, Balwani was indicted on charges of defrauding investors in 2018. He then came on to Theranos to run the company alongside Holmes. 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. Prosecutors. Why hurting myself? Where Is Murdaugh Murders Alex Murdaugh Now? Turn on desktop notifications for breaking stories about interest? Got a confidential news tip? Mr. They were both students18-year-old Elizabeth was on a language-immersion trip with Stanford University, while 37-year-old Sunny was pursuing his MBA at the University of California, Berkeley, per Refinery29. I thought it would be better. Elizabeth focused on big-picture vision while it was Balwani's job to manage the employees and business partners. We want to hear from you. 2023 NYP Holdings, Inc. 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In a 2014 New Yorker article, Theranos investor Henry Kissinger says he and his wife tried unsuccessfully to set Holmes up on dates. Hearst Magazine Media, Inc. All Rights Reserved. Walgreens severed its partnership and filed a lawsuit against Theranos. But Balwani, his lawyers argued, "is not the same as Elizabeth Holmes: he actually invested millions of dollars of his own money; he never sought fame or recognition; and he has a long history of quietly giving to those less fortunate (dating to well before his time at Theranos) without seeking recognition or benefit. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Ex-Theranos President Sunny Balwani Sentenced. 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.". We may earn a commission through links on our site. 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. On July 7, 2022, Balwani was found guilty of all 12 counts of defrauding both investors in Theranos and patients who received blood tests using Theranos' equipment, as reported by The New York Times 10 counts of wire fraud and two counts of conspiracy to commit wire fraud. Her turnaround efforts included ousting Theranos' chief operating officer, Sunny Balwani, who also had been her lover. Earlier in March, Sunny sold the 6,800-square foot home where he and Elizabeth lived in Atherton, California, for a cool $15.8 million, the New York Post reported. Holmes, 37, took the stand before the defense rested Wednesday, fielding questions from her lawyer Kevin Downey and portraying Balwani as a Svengali who took advantage of her youth and inexperience. It would also be far larger that than the $120 million loss estimate that Davila used in calculating Balwani's prison sentence. Heres What To Know. (Balwani will face the same charges and potential sentencing as Holmes.). The two originally bought the mansion in 2013 for $9 million. Balwani left Theranos abruptly in 2016. She has been ordered to report to prison on April 27, 2023. They also talked about how Balwani thought they were 'lazy' and 'disorganized'. Their romance had started to fizzle but he continued working at Theranos for a year. She has a masters degree from American University, lives by the beach, and hopes to own a teacup pig and taco truck one day. Ex-Theranos President Sunny Balwani Has Been Sentenced to Jail His nearly 13-year ordered term is even longer than what Elizabeth Holmes received. In July 2015, the pair discussed Balwani leaving the company. Jennifer Smith, Chief Reporter For Dailymail.Com The New York Times has reported that Balwani worked as sales manager for Microsoft. Ramesh Sunny Balwani first met future Theranos founder Elizabeth Holmes in Beijing in 2002. Sign up for NBC Bay Areas Housing Deconstructed newsletter. 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.. 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. But federal prosecutor Kelly Volkar repeatedly denied any wrongdoing. While Sunny faces up to two decades in prison on fraud charges, like Elizabeth, hes not currently in police custody. "It was interest-free. The other main character from this real-life saga is Ramesh "Sunny" Balwani, the Theranos founder's business partner and ex-boyfriend. However, Balwani's trial was separated from Holmes'. | Michael Liedtke/AP Photo Balwani, 57, is also trying to convince U.S. District Judge Edward Davila to delay the start of his nearly 13-year prison sentence. He, like Holmes, is out on bail and expected to be sentenced in November 2022. Convicted fraudster Elizabeth Holmes has submitted a court request to remain out of prison for the duration of her appeal, owing to the fact that she recently gave birth to her second child.. And upset with me for not doingeverything you wanted me to do.'. Prosecutors have submitted texts she exchanged with Theranos co-founder Sunny Balwani, her former secret lover, in 2014 and 2015 . The interest increased with the airing of the limited series "The Dropout," which featured Amanda Seyfried as Elizabeth Holmes and Naveen Andrews as her boyfriend and business partnerRamesh "Sunny" Balwani. The final guideline sentence was 155 months, plus three years of probation. February 18, 2023, 5:15 PM UTC . In fact, he met Holmes when she was just 18 and joined Theranos in its early days. A key part of Holmes defense has been shifting blame to Balwani, 56, who Holmes claims abused her physically, emotionally and sexually. After Holmes launched Theranos at the age of 19, she needed a second round of investment to help it continue to grow. The atmosphere of the place became caustic, former Theranos vice president Anthony Nugent testified, according to Bloomberg. 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. By On July 7, 2022, Balwani was found guilty of all 12 counts of defrauding both investors in Theranos and patients who received blood tests using Theranos' equipment, as reported by The New York Times - 10 counts of wire fraud and two counts of conspiracy to commit wire fraud. The wild and complicated story of Theranos founder Elizabeth Holmes and her quest. We may earn commission from links on this page, but we only recommend products we back. Kate Storey is a Writer-at-Large for Esquire covering culture, politics, and style. Jul 7, 2022, 7:01 PM UTC. 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 . 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. In the texts, he complained to her: 'I worked for 6 years day and night to help you. Is Riley Keough Singing in Daisy Jones & The Six? Jury. They kept their relationship a secret from Theranos staff and investors as well as the public. The revelations about Theranos brought about a stunning fall from grace for both Balwani and Holmes, who were in a relationship for much of their tenure at the company. Former Theranos COO Sunny Balwani sentenced to nearly 13 years. Jennifer Smith, Chief Reporter For Dailymail.Com, Pavement where disabled woman gestured at cyclist before fatal crash, Dozens stuck in car park as staff refuses to open gate for woman, Incredible footage of Ukrainian soldiers fighting Russians in Bakhmut, Pro-Ukrainian drone lands on Russian spy planes exposing location, 'Buster is next!' Is Elizabeth Holmes' guilty verdict a wake-up call for startups? By then, Theranos was under investigation for fraud, having been exposed for touting a questionable technologya machine that was purported to revolutionize healthcare by providing test results with only a drop of blood. Balwani was convicted in July of 12 counts of wire . Former Theranos CEO Elizabeth Holmes arrives at federal court in San Jose, Calif., on Oct. 17, 2022. 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. It was a good-faith loan.". Though it would later collapse, Balwani reportedly left with $40 million. 64, was accused of shunning him. His decision on whether Balwani can remain free on bail while he appeals his conviction, however, is likely to come soon. Holmes received her sentence from Davila at the same courthouse on Nov. 18. The company was operating on a loss and Balwani didn't want to leave until they recouped some money. We've received your submission. 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. In over 28 years of practicing law, as both a federal prosecutor and a defense attorney, I have never seen a case like this one, where the government brings a criminal prosecution against a defendant who obtained no financial benefit and lost millions of dollars of his own money, attorney Jeffrey Coopersmith told Vanity Fair in 2018. "Kill the old Elizabeth," Balwani purportedly told her.