Ramesh “Sunny” Balwani, President and Chief Operating Officer of Theranos, was sentenced on Wednesday to 155 months in prison plus three years of probation by U.S. District Judge Edward Davila.
In July, Balwani was found guilty on 10 counts of wire fraud and two counts of conspiracy to commit wire fraud for misleading investors about the financial health of the healthcare startup. He faced up to 20 years in prison for each count. He was ordered to surrender on March 15, 2023, to begin serving his sentence.
As with Elizabeth Holmes, founder of Theranos, who was sentenced to more than 11 years in November, Davila based Balwani’s sentence on a calculation that he defrauded 12 Theranos investors out of a collective $120 million, Law360 reported. Prosecutors had asked for a 15-year sentence.
Image: Ramesh “Sunny” Balwani/Alamy