CNN Business
—
Ramesh “Sunny” Balwani, the former chief operating officer of failed blood testing startup Theranos, is set to be sentenced on Wednesday for fraud, marking an end to the stunning downfall of a high-flying Silicon Valley company that resulted in the rare convictions of two tech executives.
The sentencing comes weeks after Elizabeth Holmes, the founder of Theranos and Balwani’s ex-girlfriend, was sentenced to more than 11 years in prison.
Theranos raised $945 million from an A-list cohort of investors with its promise to test for a wide range of conditions using just a few drops of blood. At its peak, the company was valued at $9 billion.
The company began to unravel after a Wall Street Journal investigation in 2015 reported that Theranos had only ever performed roughly a dozen of the hundreds of tests it offered using its proprietary technology,…
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