Theranos COO Sunny Balwani loses final appeal; release set for 2034
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The gist
The Ninth Circuit upheld Theranos president Sunny Balwani's fraud conviction and the Supreme Court declined his case.
His nearly 13-year sentence stands, with release expected in 2034.
Background
Ramesh "Sunny" Balwani was Theranos's president and chief operating officer and the former romantic partner of founder Elizabeth Holmes. Theranos claimed its device could run hundreds of medical tests on a single drop of blood, but prosecutors said the technology was faulty. Balwani was convicted separately from Holmes on all 12 criminal charges and sentenced to nearly 13 years. His case is back in view as a documentary about Holmes, You Can See Everything, reaches theaters.
How it unfolded
- 2015 -10The Wall Street Journal published investigations into Theranos; Walgreens cut ties and class-action lawsuits were filed against Holmes and Balwani.
- 2016 -05Balwani stepped down as president and COO.
- 2018Holmes and Balwani were indicted on federal wire fraud charges; Theranos dissolved in September 2018.
- 2022 -07Balwani was convicted of 10 counts of wire fraud and two counts of conspiracy to commit wire fraud.
- 2025 -02A federal appeals court rejected Holmes's bid to overturn her conviction and upheld an order requiring her and Balwani to pay $452 million in restitution.
- 2026 -10The Ninth Circuit Court of Appeals upheld Balwani's conviction and the U.S. Supreme Court declined to hear the case.
Who’s saying what
- Defense
- Balwani's lawyer said in 2018 that he did not defraud Theranos investors, "who were among the most sophisticated in the world," and did not defraud consumers but worked to give them access to their own health information.
- Prosecution
- U.S. Attorney Stephanie M. Hinds said Balwani "valued business success and personal wealth far more than patient safety."
Still unverified
Holmes settled the SEC's civil charges without admitting or denying the allegations.