Prosecutors described Balwani as an “equal participant” in helping Theranos defraud investors of more than $900mn in funding — which gave the company a valuation of $9 billion — on the promise its technology could carry out a range of tests on a single drop of blood.
“There is an unfortunate phrase in Silicon Valley: ‘fake it ‘til you make it’,” US attorney Stephanie Hinds said after the sentencing. “Elizabeth Holmes and Sunny Balwani stretched this idea to a place much further than the law allows.” “I am responsible for everything at Theranos,” Balwani once wrote in a text message to Holmes, according to court filings from the prosecution. Holmes later claimed during her trial that she had been emotionally and sexually abused by Balwani — claims he has denied.
“Balwani had a front-row seat to numerous problems that put him on notice that Theranos tests were not suitable for clinical use,” prosecutors wrote.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ex-Theranos president Balwani jailed for fraudA US judge has sentenced former Theranos Inc President Ramesh 'Sunny' Balwani to 12 years and 11 months in prison on charges of defrauding investors and patients of the blood testing startup led by Elizabeth Holmes, a spokesperson for the US attorney's office confirmed. and BrianOD_News should be ashame of themselves 🧐
Source: rtenews - 🏆 1. / 99 Read more »
Source: The42_ie - 🏆 5. / 86 Read more »
Prada to name former Luxottica chief Guerra as new CEOItalian fashion group Prada confirmed today that it would name former Luxottica chief Andrea Guerra as its new chief executive officer to ease a transition at the helm to the next generation of the founding family.
Source: RTEbusiness - 🏆 16. / 61 Read more »
Source: IrishTimes - 🏆 3. / 98 Read more »
Source: IrishMirror - 🏆 4. / 98 Read more »
Source: IrishMirror - 🏆 4. / 98 Read more »