Posted on 07/07/2022 12:37:11 PM PDT by NohSpinZone
Ramesh "Sunny" Balwani, a former high-ranking executive at Theranos, was convicted of fraud Thursday for misleading investors about the financial health of the now-defunct health care startup.
Balwani, who was convicted on all 12 counts of wire fraud and conspiracy to commit wire fraud, was president and chief operating officer of Theranos, a blood-testing company that claimed its technology could detect a multitude of diseases with just a few drops of a patient's blood.
Balwani and the company was accused of defrauding investors and patients, in part by misrepresenting the efficacy of Theranos' product and lying about the company's finances.
Balwani began working at Theranos in 2009 while he and founder Elizabeth Holmes, his alleged co-conspirator, were secretly dating.
Holmes was convicted in January on four of 11 counts of fraud. Each count carries a potential maximum sentence of 20 years in prison. Holmes is awaiting sentencing. In May, she asked a judge to toss out her conviction.
(Excerpt) Read more at nbcnews.com ...
Blonde privilage, she’s not half bad looking.
Both are equally guilty. Trying and failing to start a tech company is to some degree understandable; however, they are litigiously nasty and dishonest.
Hope that few years of living large was worth it. She at least has a rich family and husband to fall back on.
I have observed a number of these business partnership prosecutions, where two persons face the same set of charges, yet there are very different outcomes in terms of conviction/acquittal rate, based on how likeable the defendant was. Same jury, same prosecution, and serial juries, serial prosecutions. Sometimes in a hyper technical area (complex financial frauds, patent battles, etc.) the jury throws in the towel on weighing the facts and makes a decision based heavily on how much they like or dislike the defendants. Should not be that way, but it is...
I had a neighbor in Boca who, along with his business partner, was prosecuted by the SEC for a massive investment Ponzi scheme. This guy was slick, but not enough to persuade a jury. They were charged with 27 counts, and my neighbor was convicted on all counts, and his more likeable business partner on 23. My neighbor got 15 years and his partner 12. Each served about half their sentence before being released due to Covid risk. Now that they are out (in their mid-late 70’s), they can start working on paying off the $99.5M in restitution (not!)
I followed the SEC trial closely and the business partners were both involved intimately in all aspects of the business. So, the charges should be applied identically against the two. When the judge sentenced the two, on separate dates, he took the time to really ream out my neighbor for his arrogance. That was the person I knew.
I have followed the Holmes/Balwani/Theranos story closely as well, and she is proving to be the total chameleon. She knew how to present herself as the tech savant who was too advanced to waste her time getting a degree at Stanford, too far ahead of the rest of us mere mortals to be questioned. And she fooled investors out of ~$910M. Once it was time to be a defendant, she played that well, and the difference in results proves she is very good at that game.
She’s also a friend of the Clinton Crime Syndicate. So untouchable. However there is a higher justice...
Balwani had more control of the company’s finances than Holmes.
I hope both of them rot in prison.
Theranos is a prime example of the fact that our elites are not that smart.
That took a very long time to come to trial and verdict.
IIRC, there were some very interesting names on the company boards.
Worth repeating bump.
I hope they both rot in jail a very long time.
kissenger, mattis, schultz ...
No, read the book, she is more guilty.
She’s the core miscreant. He helped her do it.
I remember when the first news broke about her ‘inventions’.
I’m sure she’ll be a proud Mom on “take your children to prison day”.
Both have Stanford connections.
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