Theranos director and former partner of Elizabeth Holmes sentenced to 13 years in prison

In a ruling released Wednesday, Judge Edward J. of the U.S. District Court in Northern California Davila said the financial statements prepared by Ramesh Balwani were “not mere projections, they were false” and “a genuine evasion of honest business practices”. .

Balwani, 57, was convicted in July of fraud and conspiracy in connection with making fraudulent claims about the capabilities of the company’s medical technology that put patients at risk.

Theranos announced that it has developed a device that can identify hundreds of diseases and other potential problems with just a few drops of blood taken from a finger prick.

Knowing that the technology was imprecise, the company continued to raise money from investors, including billionaires such as Larry Ellison, the former head of Oracle Technology, and media mogul Rupert Murdoch, and began selling the devices in stores.

Balwani’s sentence was less than the 15 years federal prosecutors had sought, but significantly longer than the four to 10 months sought by defense attorneys.

Office of the United States Attorney Edward J. It asked Davila to compensate investors worth US$804 million (€765.5 million) to Balwani. The judge adjourned judgment for a later hearing.

Davila already sentenced Theranos founder and former partner of Balwani Elizabeth Holmes to 11 years in prison on November 18 and ordered ten investors to pay $121 million (€116 million) in restitution.

The $10 billion (about €9.6 billion) Silicon Valley-based company was liquidated in September 2018.

Since the Theranos fraud case was exposed in 2015, the 38-year-old Holmes’ story has been featured in numerous media content, including television series, documentaries and ‘podcasts’.

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