California

Fraud trial for disgraced Theranos founder Elizabeth Holmes’ ex-boyfriend Sunny Balwani kicks off

Elizabeth Holmes’ ex-boyfriend Ramesh ‘Sunny’ Balwani went on trial on Tuesday California after two potential jurors were fired last week for watching episodes of Hulu’s The Dropout.

The prosecution and defense raised conflicting allegations that Balwani assisted in committing massive fraud and that he believed in Therano’s potential.

Challenges began even before the trial began. Last week, one jury member was fired after he said he “accidentally” watched The Dropout.

The Hulu series, centered on Holmes’ meteoric rise and devastating collapse and shining a bright light on the dark side of Silicon Valley, portrays Balwani – portrayed by Naveen Andrews – as an undisputed guilty manipulator.

Another juror apologized after telling U.S. District Judge Edward Davila, who also presided over Holmes’ trial, that she did not think she could be impartial after watching two episodes of the show.

Balwani, a tech executive who won $ 40 million in the dot-com boom of the late 1990s, is confronted with a dozen counts of wire fraud and conspiracy to commit fraud for lies against patients and investors.

Holmes was convicted in January for defrauding investors in the blood test company that was once revolutionary and valued in the billions of dollars, but that collapsed amid claims that his technology did not work as promised.

She is expected to be sentenced in September. Balwani pleaded not guilty.

The fraud process for Elizabeth Holmes’ ex-boyfriend Ramesh ‘Sunny’ Balwani began Tuesday in California. Above, Balwani pictured in court on March 16th

Two jurors were fired by U.S. District Judge Edward Davila after admitting to watching episodes of Hulu's The Dropout, which centered around Holmes' meteoric rise and devastating collapse and a bright light shining on the dark side of Silicon Valley.

Two jurors were fired by U.S. District Judge Edward Davila after admitting to watching episodes of Hulu’s The Dropout, which centered around Holmes’ meteoric rise and devastating collapse and a bright light shining on the dark side of Silicon Valley.

Holmes promised self-service testing machines that could perform an analytical gamut cheaply and on just a few drops of blood, a promise destroyed under allegations of fraud.

U.S. Attorney Robert Leach told jurors in a federal courthouse in San Jose, the heart of Silicon Valley, that Balwani was piloting the business next to Holmes.

‘The evidence will show that they ran the business together. You will see how they were partners in everything, including their crime, ‘Leach said Tuesday in his opening arguments.

But Balwani’s lawyer, 56-year-old Stephen Cazares, said his client had never committed fraud, and was misled by Holmes into believing Theranos could test technology for more than 200 health conditions with just a few drops of blood.

“He did not start Theranos, he did not control Theranos,” Cazares said. ‘Sunny believed in Theranos, he believed in his technology and he believed in his mission.’

“What you will learn in this trial is that the investor money they received was used exactly as the investors intended,” Cazares added. ‘

And you will learn that Sunny was one of those investors. ‘

Balwani, Holmes’ senior for nearly two decades, was brought in to help run the company she founded in 2003 at the age of 19, after dropping out of Stanford.

Actor Naveen Andrews plays Sunny Balwani in the new Hulu series, 'The Dropout' which exposes the toxic relationship between Balwani and Holmes before his trial which starts this week

Balwani faces 11 charges of fraud for his role in the Theranos scandal that cost more than $ 9 billion to investors

Actor Naveen Andrews plays Sunny Balwani in the new Hulu series, ‘The Dropout’ which exposes the toxic relationship between Balwani and Holmes before his trial which starts this week

¿Slide me ¿The Hulu series portrays Balwani as an undisputed guilty manipulator
Balwany is portrayed by British actor Naveen Andrews in the show

The Hulu series portrays Balwani as an undisputed guilty manipulator. Balwani, Holmes’ senior for nearly two decades, was brought in to help run the company she founded in 2003 at the age of 19, after dropping out of Stanford.

During Holmes ‘trial, she and her lawyers portrayed Theranos’ chief operating officer Balwani as a master manipulator who abused and controlled her.

Balwani was banned from attending her trial after she claimed that his sexual and emotional abuse of her could have contributed to any abuse at the company.

Holmes claimed that he had secretly controlled her diet, her friendships and more, while claiming that it would help her succeed in the business world.

Balwani has denied the allegations.

The allegations of abuse, which Balwani’s lawyer vehemently denied, were one reason Judge Davila ruled that Holmes and Balwani should have separate trials, even though they faced the same criminal charges.

Other evidence presented during their trial described the couple united in both a secret romance and shared ambition to build a business that they promised would revolutionize health care.

Holmes, who faces up to 20 years in prison when she is sentenced in September, was sentenced last month to 38 when she was on bail while living on a luxury Silicon Valley estate.

On Tuesday, prosecutors claimed that Holmes and Balwani were aware that the technology did not work as advertised, but continued to promote it as revolutionary for patients and the investors who invested money in the company.

“The evidence will show that the suspects knew that the false allegations they told investors were in conflict with the reality of their lives,” Leach claimed, citing misrepresentations of the nature of the company’s contracts with Walgreens and Safeway.

Holmes' fortune was estimated at $ 4.5 billion in 2014, while Theranos worked on 'wellness centers' in Walgreens stores that would scan for hundreds of potential health problems with a few drops of blood taken with a finger prick.

Holmes’ fortune was estimated at $ 4.5 billion in 2014, while Theranos worked on ‘wellness centers’ in Walgreens stores that would scan for hundreds of potential health problems with a few drops of blood taken with a finger prick.

While Holmes gained the glory, Balwani seemed to present himself as a mastermind. based on evidence presented at their trial

While Holmes gained the glory, Balwani seemed to present himself as a mastermind. based on evidence presented at their trial

When Theranos rose, it attracted lights like Rupert Murdoch and Henry Kissinger, but a series of reports that cast doubt on the company’s claims from Murdoch’s own Wall Street Journal set the company’s collapse in motion.

The newspaper’s series of stories that raised questions about the much hyped technology heralded the beginning of the end for Theranos.

Balwani initially played no direct role in Theranos, although Holmes testified that he tried to sculpt Holmes into a worse entrepreneur while dictating her diet, daily schedule and friendships.

Balwani joined Theranos in 2009 as the company’s chief executive officer, a position he held until Holmes expelled him in 2016 amid revelations of rampant inaccuracies with Theranos’ blood tests.

Before Holmes dumped him, Balwani played an integral role in the company, which included supervision of Theranos’ laboratories.

Meanwhile, Holmes focused on raising nearly $ 1 billion from investors and appeared in flattering media stories celebrating its repeated success in male-dominated Silicon Valley.

Holmes’ fortune was estimated at $ 4.5 billion in 2014, while Theranos worked on ‘wellness centers’ in Walgreens stores that would scan for hundreds of potential health problems with a few drops of blood taken with a finger prick.

During Holmes 'trial, she and her lawyers portrayed Theranos' chief operating officer Balwani as a master manipulator who abused and controlled her.

During Holmes ‘trial, she and her lawyers portrayed Theranos’ chief operating officer Balwani as a master manipulator who abused and controlled her.

While Holmes gained the glory, Balwani seemed to present himself as a mastermind. based on evidence presented at their trial.

‘I shaped you,’ Balwani Holmes said in a May 2015 text that became part of the evidence in her trial.

The text message exchanges between Balwani and Holmes – many of which included expressions of their love for each other – are expected to resurface during Balwani’s trial, along with much of the other evidence submitted during Holmes’ proceedings.

Having Holmes’ lawsuit process could hurt and help Balwani, said Ann Kim, a Los Angeles attorney who previously handled fraud cases before the U.S. Attorney’s Office and the Securities and Exchange Commission.

On the one hand, prosecutors now have a better idea of ​​what types of evidence a jury will address.

However, Kim is also of the opinion that Balwani’s lawyers have a better chance of making holes in the testimony of the witnesses of the prosecution if they deviate from statements made during Holmes’ trial.

Balwani’s chances may ultimately depend on how effectively his lawyers can draw a line that can distance him from Holmes’ actions, a task that can prove difficult if texts like these recur during his trial.

“This business cannot be built by you or me alone,” Balwani wrote to Holmes in a May 2012 text submitted as evidence during her trial. “That’s why the universe brought us together (among other billion reasons).”

Fraud trial for disgraced Theranos founder Elizabeth Holmes’ ex-boyfriend Sunny Balwani kicks off Source link Fraud trial for disgraced Theranos founder Elizabeth Holmes’ ex-boyfriend Sunny Balwani kicks off

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