Saturday, December 10

Tag: Theranos Trial

Science

Former Theranos exec Ramesh “Sunny” Balwani sentenced to nearly 13 years

The former chief operating officer of disgraced biotech startup Theranos has been sentenced to 12 years and 10 months in prison. Judge Edward Davila of the Northern District of California sentenced Ramesh "Sunny" Balwani to 155 months in prison and three years of probation. Balwani, 57, must surrender himself on March 15, Davila ruled.Balwani was Theranos' chief operating officer for six years, during which time he also maintained a romantic relationship with Holmes. He was convicted in July of 12 counts of fraud and conspiracy for his role in the company, which fraudulently claimed it developed a medical device that could scan for hundreds of diseases with a few drops of blood. Former Theranos CEO Elizabeth Holmes sentence...
Judge who sentenced Theranos founder Elizabeth Holmes recommends she serve term in a prison “camp”
Science

Judge who sentenced Theranos founder Elizabeth Holmes recommends she serve term in a prison “camp”

The judge who sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison has recommended she serve out her term at a minimum-security women's facility in Texas.Judge Edward Davila of the Northern District of California recommended Holmes serve at Federal Prison Camp at Bryan, Texas, according to a court filing last week. The Bryan facility, which is about 100 miles northwest of Houston, holds about 540 female inmates across four dormitory units on a 37-acre campus, according to its website.Prison camps have "dormitory housing, a relatively low staff-to-inmate ratio, and limited or no perimeter fencing"  and are "work- and program-oriented," according to the Bureau of Prisons. All inmates at the facility are required ...
Former Theranos CEO Elizabeth Holmes set to be sentenced
Business

Former Theranos CEO Elizabeth Holmes set to be sentenced

Former Theranos CEO Elizabeth Holmes awaits sentencing Friday, 10 months after a jury found her guilty of defrauding investors in the failed blood-testing company. The sentencing hearing in San Jose, California, began shortly after 10 a.m. Pacific Time and stretched out for nearly four hours — an unusually long time for what is typically a procedural hearing.The amount of money Holmes must repay will be set at a later date, Judge Edward Davila of the Northern District of California ruled. Prosecutors had claimed that Holmes must repay $804 million to defrauded investors, but Davila ruled that true losses were likely closer to $121 million. Holmes, 38, founded Theranos in 2003, and it quickly grew to become of one of the best-known startups in the...