U.S. prosecutors have recommended that Ramesh 'Sunny' Balwani, the former business partner of Theranos founder Elizabeth Holmes, receive at least 15 years in prison after he was convicted in July on 12 counts of fraud.
Theranos, which promised that its technology could quickly test for a range health conditions with just a pin-prick of blood, raised hundreds of millions of dollars in investment and attracted high-profile board members before collapsing after a series of investigative reporting that cast doubt on the company's viability.
“Mr. Balwani knew that Theranos was not generating, and would not generate, any meaningful revenue by being honest with people,” U.S. Attorney Jeff Schenk said. “So he chose a different path.”“I am responsible for everything at Theranos,” Balwani wrote in a 2015 text message to Holmes. “All have been my decisions too.”“He believed, and had every reason to believe, in the world-class scientific team at Theranos and the technology they developed,” attorney Jeffrey Coopersmith said.
Holmes and Balwani were also romantic partners for much of the company's history, something the pair tried to keep secret from employees. As she mounted her defense, Holmes attempted to portray herself as a victim of Balwani's abuse. Balwani has denied those claims.
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