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Theranos’s Founder Elizabeth Holmes, Former COO Ramesh Sunny Balwani Fraud and Prison Case 2022

This article is all about business, success, money, fraud, and at last, the culprits sentenced to prison. A company named “Theranos” formerly known as “Real-Time Cures (2003)” was founded by a 19-year-old girl named Elizabeth Holmes.

She was a businesswoman but now she is in the prison as a penalty for doing fraud in her own founded company “Theranos”.

About Theranos company

Theranos was an American privately held corporation that was dealing in health care technology by providing its services as medical tests, and blood tests as a product. Now the company has been shut down.

  • Found date – 2003
  • Founded by – A Businesswoman Elizabeth Holmes.
  • Shutdown date – 4 September 2018.
  • Reason for shutdown – liquidated and dissolved ( As the founder was convicted of wire fraud and conspiracy).
  • Services offered by the company – Medical tests.
  • Product by the company – Blood Tests.

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Theranos’s Founder Elizabeth Holmes

Elizabeth Holmes was born in Washington D.C, United States of America on 3 February 1984. She grew to be a businesswoman and at the age of just 19 years, she started a privately held corporation in healthcare technology named Theranos. But later she was convicted of fraud and on 18 November 2022 she was sentenced to prison for 135 months. 

  • Businesswoman.
  • Founded a company at the age of 19 years.
  • An American, the Youngest and wealthiest self-made female billionaire “Forbes 2015 report” on the basis of Theranos company’s 9-billion valuation. Later after the company’s fraud comes out, Forbes revised its estimate of Elizabeth Holmes’s net worth to zero.
  • In a relationship with Pakistan-born, later migrated to India and then to U.S. American businessman Ramesh Sunny Balwani for nearly 10 years.
  • Later married William Billy Evans (Legal marriage not confirmed).
  • Became a mother of 1 Son in July 2021.
  • Convicted of massive fraud with the company’s investors and the accuracy of the company’s blood testing technology was also used in a manner of fraud.
  • 135 months prison – The company was closed, and on 18 November 2022, Elizabeth was sentenced to prison for her fraud.

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Theranos’s Former COO Ramesh Sunny Balwani 

He was born in 1965 in Sindh, Pakistan. After some time he moved to India along with his family. Later in 1987, he migrated to the United States of America. In 2002, he was 19 years older and also married when first met Theranos founder Elizabeth Holmes. She was then 18 years old.

After some time he gives divorced his wife and romantically involved with Elizabeth Holmes. In 2009 he later took the position of the company as Chief Operating Officer (COO). Now, on 7th December 2022, he was convicted of fraud, and sentenced to prison for 12 years and 11 months, and also 3 years of probation after his release from prison. 

  • An American businessman.
  • He was accused of putting patients’ health at risk and also as a chief operating officer & president of Theranos company defrauding the company’s investors of millions of dollars. 
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