Top Section
Explore Business Standard
Don’t miss the latest developments in business and finance.
Theranos
Holmes already has initiated an appeal of last year's jury verdict finding her guilty of multiple criminal counts of defrauding investors. That process could take as long as two years
Ramesh Sunny Balwani, the Indian-origin former chief operating officer of a US-based failed blood-testing start-up, Theranos, has lost his bid to remain free while he appeals his conviction on fraud charges that prosecutors said risked patient health and defrauded the firm's investors of millions of dollars, according to a media report. A federal judge on Thursday, in a 17-page ruling, denied the motion by Balwani to remain free until his appeal to a higher court is resolved, the CBS News channel reported. US District Judge Edward Davila held a nearly two-hour hearing on Balwani's motion in mid-February but delayed ruling until six days before the convict must report to prison. Balwani, 57, was sentenced in December last year in California to 12 years and 11 months in federal prison for fraud that risked patient health by misrepresenting the accuracy of Theranos blood analysis technology and that defrauded the blood-testing company's investors of millions of dollars. In addition to
Balwani and Holmes, who had a romantic relationship while they worked together, were tried and convicted separately of lying about the accuracy and capabilities of Theranos's blood-testing machines
Former Theranos executive Ramesh Sunny" Balwani returned to federal court Friday in a last-ditch attempt to stay out of prison while appealing a jury's verdict convicting him of orchestrating a blood-testing hoax with his former boss and lover, Elizabeth Holmes. Besides overseeing arguments about Balwani's attempt to delay the start of his nearly 13-year prison sentence, U.S. District Judge Edward Davila also heard a vigorous debate about how much money Balwani should pay investors and patients duped by the Theranos blood tests that never worked as promised. The deceit resulted in Balwani's conviction on 12 counts of fraud and conspiracy. Davila didn't issue any rulings at the end of the 90-minute hearing. His decision on whether Balwani can remain free on bail while he appeals his conviction, however, is likely to come soon. That's because Balwani, 57, is scheduled to report to prison in Lompoc, California, on March 15. The judge said he doesn't expect to decide on the question of
The manner of Sam Bankman-Fried's fall from grace is something the world has seen earlier, too. Here are five such biggest and most sensational instances
In what is considered to be one of the biggest frauds in Silicon Valley, Balwani was convicted on all 12 charges in July for his role at Theranos. He has been sentenced to a prison term of 13 years
Former Theranos Inc President and Chief Operating Officer Ramesh "Sunny" Balwani was sentenced to 13 years in prison for defrauding investors and patients of the company
Lawyers for Holmes, 38, filed a single-page notice of appeal without disclosing on what grounds she will ask the Court of Appeals to overturn the guilty verdict reached by a jury 11 months ago
"I am devastated by my failings," Holmes said. "Looking back there are so many things I'd do differently if I had the chance. I tried to realize my dream too quickly."
Holmes stands out among white-collar criminals because relatively few of them are women convicted of such serious fraud, legal experts say
The federal jury in San Jose on Thursday found Pakistan-born Balwani, 57, guilty of two counts of conspiracy and ten counts of wire fraud through a multimillion-dollar scheme
Billionaire Elizabeth Holmes, founder of Theranos, has been found guilty of defrauding investors. What lessons does the Homes-saga hold for startup investors back home, this report finds out
Jet Airways 2.0 faces turbulence before take-off? Lessons for investors from Elizabeth Holmes' fall? Will Q3 earnings surprise Dalal Street? What is the Consolidated Fund of India? All answers here
Former Theranos CEO Elizabeth Holmes was convicted on four counts of fraud and conspiracy, ending a lengthy trial that has captivated Silicon Valley.
Holmes, 37, testified on Monday that the decade-long relationship had a pervasive impact on her life during the time when prosecutors say she committed fraud
Balwani has 'categorically' denied the allegations in court filings, calling them 'false and inflammatory'
The criminal charges were the culmination of a rarity in Silicon Valley - federal prosecution of a technology start-up