Former Theranos executive Ramesh “Sunny” Balwani will go to prison later this month after a U.S. appeals court rejected his request to remain free while he appeals his fraud and conspiracy convictions. Balwani was involved in a blood-testing hoax with his former boss and lover, Elizabeth Holmes. The court’s decision still leaves the question of when Balwani will have to surrender to authorities.
Balwani’s lawyer proposed that he report to prison on April 20. This date is a week before Holmes, Theranos’ founder and CEO, is scheduled to begin her 11-year prison sentence after being convicted on four counts of fraud and conspiracy last year. Holmes has also asked to remain free during her appeal process, but the judge has not ruled on her request yet.
The appeals court concluded that Balwani did not provide enough evidence to convince them that his conviction is likely to be overturned. Balwani will soon be traveling to Southern California to serve his time in a prison near a harbor in San Pedro, California.
Holmes and Balwani were accused of the same crimes, which involved promoting Theranos’ blood-testing system as a revolutionary breakthrough in health care. The claims helped the company raise nearly $1 billion from investors. However, the technology never worked as they claimed, resulting in Theranos’ scandalous collapse and a criminal case that highlighted Silicon Valley greed and hubris.
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