Ramesh “Sunny” Balwani, former president of Theranos Inc., was one-half of a business duo that lied to cheat investors and patients out of money, a government prosecutor told a jury Tuesday as the second criminal-fraud trial involving the defunct blood-testing company got under way.
was quickly running out of money and its blood-testing technology didn’t work, said Mr. Leach. For a time, he said, their scheme was enormously successful: they raised hundreds of millions of dollars from investors, and it "brought them fame and adoration."
Ms. Holmes and Mr. Balwani were indicted together in June 2018, but U.S. District Judge Edward Davila agreed in March 2020 to Mr. Balwani’s request to sever the trials so they would have separate Former Theranos president Sunny Balwani and founder Elizabeth Holmes were indicted together in June 2018.Theranos claimed it could test for more than 200 health conditions using just a few drops of blood from a finger prick. In fact, Mr. Leach said, the company used its proprietary device for just 12 types of patient tests, "and it did those tests badly." Theranos relied on commercial blood analyzers for the rest, all the while claiming it had revolutionized healthcare, Mr. Leach said.
Mr. Leach said Mr. Balwani’s lies spanned all aspects of the company. He lied about the functionality of its blood-testing device, about its relationships with pharmaceutical companies and the military, about its financial condition and financial forecasts, and about the state of its crumbling partnership with Walgreens Boots Alliance Inc., Mr Leach said.He also said Mr.
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