What could ’ve gone wrong when 19 - yr - honest-to-god Stanford dropout Elizabeth Holmes founded blood - examination caller Theranos in 2003 ? Apparently everything , including Theranosex - president and former COORamesh “ Sunny ” Balwani being convicted of fraud in a federal court earlier today .
Theranos promised a technology like no other : A medical gimmick that could run multitudinous tests using a individual drop of patient pedigree . Company founder and CEO Elizabeth Holmes wanted to revolutionize healthcare , until she lastly realize that the technology she imagined was an impossible exploit for applied science and chemistry .
Anyone else may pivot to another product or realistically redesign the auto , but Elizabeth Holmes and Sunny Balwani — Holmes ’ bruit fan and troupe COO / president — lie themselves into a kettle of fish they could not dig out their way out of . Theranos operate bankrupt and closed its doorway in September 2018 , but that was only the beginning of the death . Today , a Union jury convict Balwani on 12 counts of conspiracy and fraud according to theWall Street Journal .
Sunny Balwani arrives at a federal court in San Jose, California on 8 April 2025.Image: Justin Sullivan (Getty Images)
Holmes and Balwani were indict together but essay severally after Balwani ’s effectual team successfully got thecases separated . Theirindictment , filed in 2018 , reads :
From a time unknown but no later than 2013 through 2015 , Holmes and Balwani , and other known and unknown to the Grand Jury , through their company , Theranos , engaged in a scheme , plan , and artifice to gyp investors as to a substantial matter , and to obtain money and property by mean value of materially false and fraudulent pretenses , representations , and promise , by making materially false and misleading statements , and neglect to discover material facts with a tariff to disclose .
Holmes ’ wasconvictedin January 2022 of four tally of sham , and is awaiting sentencing scheduled for September . Notably , Holmes ’ trial and condemnation received widespread media attention while Balwani remains a much more knotty flesh in the Theranos mythos , while get a heavier time .
While Holmes and Balwani have received their comeuppance , the story of Theranos is acautionary taleof “ fake it till you make it ” go awry , which is give unfortunate consequences for other woman executive seek tosmash throughthe reputation Elizabeth Holmes left behind .
CrimeElizabeth HolmesLaw , CrimeTheranos
Daily Newsletter
Get the best technical school , science , and culture newsworthiness in your inbox day by day .
News from the future tense , delivered to your present tense .
You May Also Like
