Ramesh 'Sunny' Balwani
Former president and chief operating officer of Theranos
- Entries
- 9
- On the record
- 8
- Stories
- 1
- Latest entry
- May 17, 2023
The record
Ramesh "Sunny" Balwani was president of Theranos, the blood-testing company founded by Elizabeth Holmes, and ran its day-to-day operations, CBS News reported. In March 2018 the SEC charged him, Holmes and the company with a years-long fraud that raised more than $700 million from investors. Holmes and Theranos settled; the SEC said it would litigate its claims against Balwani in federal court in the Northern District of California.
A federal grand jury indicted him with Holmes in June 2018 on conspiracy and wire fraud counts, and prosecutors replaced the indictment twice in July 2020. He was tried separately and convicted in July 2022 on 12 counts of fraud, eight more than Holmes. His attorney, Jeffrey Coopersmith, argued that Balwani acted in good faith and had reason to believe in Theranos's scientists and technology.
U.S. District Judge Edward Davila sentenced him in December 2022 to 155 months in prison and three years of supervised release, then refused in March 2023 to let him stay free while he appealed. He began serving the sentence on April 20, 2023. In May 2023 the court ordered him and Holmes to pay $452 million in restitution to Theranos investors, with each responsible for the full amount.
Roles and honours on the record
Every entry, newest first
- Ruled
Balwani was sentenced to 155 months in federal prison, per the U.S. Attorney's Office. Biggest celebrity frauds ranked: Ebbers's $11B WorldCom first
Stories in this file
The record, entry by entry
- 2018-03-14 Filed The SEC charged Balwani, Holmes and Theranos with a fraud that raised over $700 million through false statements about the company's technology, business and financial performance. Unlike Holmes and the company, Balwani did not settle, and the SEC said it would litigate. U.S. Securities and Exchange Commission, press release 2018-41
- 2018-06-14 Filed A federal grand jury in the Northern District of California indicted Balwani and Holmes on two counts of conspiracy to commit wire fraud and nine counts of wire fraud. U.S. Attorney's Office, N.D. Cal., case page
- 2020-07 Filed Prosecutors returned superseding indictments on July 14 and July 28, 2020. U.S. Attorney's Office, N.D. Cal., case page
- 2022-07 Ruled A jury in his separate trial convicted Balwani on 12 counts of fraud, eight more than Holmes was convicted on. His attorney argued he had acted in good faith. NBC News report
- 2022-12-07 Ruled Balwani was sentenced to 155 months in prison, followed by three years of supervised release, and ordered to surrender on March 15, 2023. U.S. Attorney's Office, N.D. Cal., case page
- 2023-03-09 Ruled Judge Edward Davila denied Balwani's request to remain free during his appeal, finding no substantial question of law or fact likely to overturn the verdict, while agreeing he was neither a flight risk nor a danger. NBC News report
- 2023-04-20 Reported Balwani began serving his prison sentence, Yahoo Finance reported. Yahoo Finance report
- 2023-05-17 Ruled Judge Davila ordered Holmes and Balwani to pay $452 million in restitution to Theranos investors, with both equally responsible for the full amount. Yahoo Finance report