Close X
Monday, September 23, 2024
ADVT 
International

Indian-origin Ramesh Balwani found guilty of defrauding investors, patients in US

Darpan News Desk IANS, 08 Jul, 2022 09:08 PM
  • Indian-origin Ramesh Balwani found guilty of defrauding investors, patients in US

San Francisco, July 8 (IANS) Indian-origin Ramesh 'Sunny' Balwani, the former business partner and 'boyfriend in secret' of Elizabeth Holmes, founder and CEO of healthcare company Therano, has been found guilty of defrauding Theranos investors and patients in the US.

Balwani faced 10 counts of wire fraud and two counts of conspiracy to commit wire fraud.

After a three-month trial, a jury has found him guilty of all 12 counts. He now faces up to 20 years in prison for each count, The Verge reported late on Thursday.

Youngest billionaire Holmes has already been found guilty of defrauding investors.

Indian-origin Balwani was Holmes' "boyfriend in secret".

"They met when Holmes was 18 and Balwani was 37 -- she moved in with him the year after she dropped out of Stanford. She also said during the trial that she was raped as a Stanford student, which is part of why she didn't finish her degree," according to an earlier TechCrunch report.

During the four months of court proceedings, Holmes detailed Balwani's controlling behaviour, including a written document that dictated her daily schedule, including what she ate, when she slept and how she dressed.

She said, "He was so disappointed in my mediocrity and he was trying to teach me how to be better."

Holmes founded Theranos in 2003 and the company was once valued at more than $9 billion.

In 2015, an expose in The Wall Street Journal revealed major problems with Theranos' technology.

In 2018, Holmes and Balwani were charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud.

According to the US Department of Justice, Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranos's blood testing laboratory services, even though, according to the government, the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests.

"It is further alleged that the tests performed on Theranos technology were likely to contain inaccurate and unreliable results," the Justice Department said.

Holmes and Balwani defrauded doctors and patients by making false claims concerning Theranos's ability to provide accurate, fast, reliable, and cheap blood tests and test results, and by omitting information concerning the limits of and problems with Theranos' technologies.

MORE International ARTICLES

PICS: Thousands Attend Sikh Cop Sandeep Dhaliwal's 'Fit For A King' Funeral In The US

Sandeep Dhaliwal, 42, was the first Sikh sheriff's deputy in Harris County with a population of over 10,000 Sikhs.  

PICS: Thousands Attend Sikh Cop Sandeep Dhaliwal's 'Fit For A King' Funeral In The US

RCMP Issue Warning Over Distraction Thefts After 2 Seniors Robbed

Burnaby RCMP is warning of two new types of distraction theft that have recently occurred in Burnaby.

RCMP Issue Warning Over Distraction Thefts After 2 Seniors Robbed

Indian-Origin Tech Millionaire Tushar Atre Found Dead After Being Kidnapped From His California Home

Indian-origin tech millionaire Tushar Atre who was abducted from his home in California's Santa Cruz earlier this week has been found dead inside his BMW car.

Indian-Origin Tech Millionaire Tushar Atre Found Dead After Being Kidnapped From His California Home

NSA Ajit Doval Visits Saudi Arabia, Apprises Crown Prince Of Kashmir Situation

Indian National Security Advisor Ajit Doval held one-on-one talks with Saudi Crown Prince Mohammed bin Salman and discussed Kashmir, and explained India's position on it.

NSA Ajit Doval Visits Saudi Arabia, Apprises Crown Prince Of Kashmir Situation

US Judge Rules Harvard Not Discriminating Against Indians, Other Asians

US Judge Rules Harvard Not Discriminating Against Indians, Other Asians
In a case that has echoes of the college admissions reservations issue in India, a federal judge has ruled against students of Indian and other Asian descent in a lawsuit alleging that Harvard University was discriminating against them in its admissions policy and favouring other ethnicities.    

US Judge Rules Harvard Not Discriminating Against Indians, Other Asians

'Trump Suggested Shooting Migrants In The Legs'

'Trump Suggested Shooting Migrants In The Legs'
US President Donald Trump suggested shooting migrants in the legs to slow them down, according to a new book.

'Trump Suggested Shooting Migrants In The Legs'