GUILTY CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges

[Niner]

I just did a search and not coming up with anything either.... So I'll have to update yesterday's trial (4/20) later. I did update 4/19/22 on what happened in trial - didn't realize they were going to be in session as the court site didn't have that on there.

Since they are not back in court until tomorrow, April 22nd - maybe between the 2 of us - @UndiscoveredTruth - there will finally be some tweets!

 

[Niner]

Well - I looked and no updates for 4/20....

Friday, April 22nd;
*Trial continues (Day 11) (@ 9am PT) - CA – *Ramesh “Sunny” Balwani (53/now 56) (CFO & President of Theranos) indicted & charged (6/14/18) & arraigned (6/15/18) with 9 counts of wire fraud & 2 counts of conspiracy to commit wire fraud. Another count of wire fraud was added in 2020, bringing the total number of felony charges to 12. Plead not guilty. No bond. Faces a maximum sentence of 20 years in prison & a fine of $2.75 million, plus restitution, & $250K for each individual count of wire fraud & conspiracy. Plead Not guilty.
Defrauding investors out of $700 million in funding for their blood-testing startup Theranos.
Trial began on 3/22/22. Jury: 12 jurors (6 women & 6 men) & 6 alternates (2 women & 4 men). 3/21/22: Jury #1 sick, alternate moves to jury. 12 jurors (6 women & 6 men) & 5 alternates (2 women & 3 men). Trial Court will be in session on Tuesdays, Wednesdays & Fridays (from 9-3), but the jury may be asked to come in on some Mondays & Thursdays as well. Trial dates so far: 4/22, 4/26, 4/27, 5/3, 5/4, 5/10, 5/11, 5/13, 5/17, 5/18 & 5/20.
Indictment & court info from 4/11/20 thru 3/8/22 & Jury selection (Day 1-4) 3/9/22 to 3/15/22 & 3/16 to 3/21/22 & Trial Days 1-2 (3/22 to 3/23/22) & hearing on 3/29/22 & Trial Days 3-8 (3/30 to 4/5/22) & 4/12/22 reference post #111 here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
4/19/22 Tuesday, Trial Day 9: Government witness: Nimesh Jhaveri worked for Walgreens as VP. Will continue cross tomorrow, 4/20/22.
for more info see post #120 in article here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
4/20/22 Wednesday, Trial Day 10: Government witness: Nimesh Jhaveri worked for Walgreens as VP back on stand for cross. No other info available. Trial continues on Friday, 4/22/22.
*Elizabeth A. Holmes (34/now 37) (CEO of Theranos) – Trial began on 9/8/21 & ended 1/3/22 with a verdict of guilty on 4 counts of 11. Next sentencing hearing on 9/26/22.

 

[Kavya01]

Manager or Wealthy Observer? Trial Against Theranos’ Sunny Balwani Continues – NBC Bay Area

 

[Niner]

Well it looks Dorothy's sub tweeter - isn't tweeting....

 

[Niner]

Trial dates of 4/29 & 5/27 were added to the court site.


Tuesday, April 26th:
*Trial continues (Day 12) (@ 9am PT) - CA – *Ramesh “Sunny” Balwani (53/now 56) (CFO & President of Theranos) indicted & charged (6/14/18) & arraigned (6/15/18) with 9 counts of wire fraud & 2 counts of conspiracy to commit wire fraud. Another count of wire fraud was added in 2020, bringing the total number of felony charges to 12. Plead not guilty. No bond. Faces a maximum sentence of 20 years in prison & a fine of $2.75 million, plus restitution, & $250K for each individual count of wire fraud & conspiracy. Plead Not guilty.
Federal Court 5:18-cr-00258-EJD-2 / SEC 5:18-cv-01603 filed 3/14/18 pending; plead not guilty.
Defrauding investors out of $700 million in funding for their blood-testing startup Theranos.
Trial began on 3/22/22. Jury: 12 jurors (6 women & 6 men) & 6 alternates (2 women & 4 men). 3/21/22: Jury #1 sick, alternate moves to jury. 12 jurors (6 women & 6 men) & 5 alternates (2 women & 3 men). Trial Court will be in session on Tuesdays, Wednesdays & Fridays (from 9-3), but the jury may be asked to come in on some Mondays & Thursdays as well. Trial dates so far: 4/26, 4/27, 4/29, 5/3, 5/4, 5/10, 5/11, 5/13, 5/17, 5/18, 5/20 & 5/27.
Indictment & court info from 4/11/20 thru 3/8/22 & Jury selection (Day 1-4) 3/9/22 to 3/15/22 & 3/16 to 3/21/22 & Trial Days 1-2 (3/22 to 3/23/22) & hearing on 3/29/22 & Trial Days 3-10 (3/30 to 4/20/22) & 4/12/22 reference post #122 here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
4/22/22 Friday, Trial Day 11: Government witness: Dr. Adam Rosendorff, former lab director.
for more info see post #123 in article here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
Dr. Rosendorff will be back on the stand next week. He's likely to be followed by patients testifying that they got inaccurate results from Theranos blood testing machines. Trial continues on Tuesday, 4/26/22.
*Elizabeth A. Holmes (34/now 37) (CEO of Theranos) – Trial began on 9/8/21 & ended 1/3/22 with a verdict of guilty on 4 counts of 11. Next sentencing hearing on 9/26/22.

 

[UndiscoveredTruth]

Well it looks Dorothy's sub tweeter - isn't tweeting....

I wonder why nobody is tweeting Kinda sad really! It's like they've lost interest in the trial/case. Ah well. I'll just keep checking back when time permits.

Thanks for the updates on court info @Niner and also thanks for sharing that article @Kavya01

 

[Niner]

I wonder why nobody is tweeting Kinda sad really! It's like they've lost interest in the trial/case. Ah well. I'll just keep checking back when time permits.

Thanks for the updates on court info @Niner and also thanks for sharing that article @Kavya01

Yes it is strange that Dorothy's "supposed" back up isn't doing any tweets... I think she was covering the Monsanto case - hopefully that is almost over & she'll be back to Theranos one.

 

[Niner]

YEA!! She is back covering the trial....

from Tuesday, April 26th:

Dorothy Atkins
@doratki
·
11h
Leach says whether investors knew Balwani and Holmes were dating is "completely fair game" "I admit it’s uncomfortable" b/c "people are entitled to have their private lives," but when it’s the 2 most important people at a co, that’s something that investors would want to know.

Trial is taking a break before Peterson testifies. Balwani's atty wants the gov't barred from asking Peterson if she knew that Elizabeth Holmes and Sunny Balwani were dating when the DeVos family invested. Prosecutor Robert Leach says it's relevant that she didn't know.

Good morning from San Jose! I'm back covering Sunny Balwani's fraud trial this week. Ex-Theranos lab director Adam Rosendorff's exam will continue today. The attorneys are arguing over admitting evidence that the state closed Rosendorff's new lab last week at PerkinElmer.

Balwani's counsel Jeff Coopersmith disagrees, and says top execs dating "happens every day, all through corporate America," and whether those execs "wear their hearts on their sleeves," or are quiet about their romantic lives, "should have no relevance or bearing" on investments.

Today Judge Ed Davila said prosecutors can ask a DeVos family wealth manager and other investors if they knew Sunny Balwani and Elizabeth Holmes were dating before investing in Theranos. My recap of today's testimony-packed trial day.

link: https://twitter.com/doratki

 

[Niner]

There was a motions hearing yesterday per court site:

Tuesday, Apr 26 2022
02:00PM
5:18-cr-00258-EJD - USA v. Ramesh Balwani
Motion to Exclude

link: CALENDAR

 

[Niner]

Wednesday, April 27th:
*Trial continues (Day 12) (@ 9am PT) - CA – *Ramesh “Sunny” Balwani (53/now 56) (CFO & President of Theranos) indicted & charged (6/14/18) & arraigned (6/15/18) with 9 counts of wire fraud & 2 counts of conspiracy to commit wire fraud. Another count of wire fraud was added in 2020, bringing the total number of felony charges to 12. Plead not guilty. No bond. Faces a maximum sentence of 20 years in prison & a fine of $2.75 million, plus restitution, & $250K for each individual count of wire fraud & conspiracy. Plead Not guilty.
Federal Court 5:18-cr-00258-EJD-2 / SEC 5:18-cv-01603 filed 3/14/18 pending; plead not guilty.
Defrauding investors out of $700 million in funding for their blood-testing startup Theranos.
Trial began on 3/22/22. Jury: 12 jurors (6 women & 6 men) & 6 alternates (2 women & 4 men). 3/21/22: Jury #1 sick, alternate moves to jury. 12 jurors (6 women & 6 men) & 5 alternates (2 women & 3 men). Trial Court will be in session on Tuesdays, Wednesdays & Fridays (from 9-3), but the jury may be asked to come in on some Mondays & Thursdays as well. Trial dates so far: 4/27, 4/29, 5/3, 5/4, 5/10, 5/11, 5/13, 5/17, 5/18, 5/20, 5/27 & 6/7.
Indictment & court info from 4/11/20 thru 3/8/22 & Jury selection (Day 1-4) 3/9/22 to 3/15/22 & 3/16 to 3/21/22 & Trial Days 1-2 (3/22 to 3/23/22) & hearing on 3/29/22 & Trial Days 3-11 (3/30 to 4/22/22) & 4/12/22 reference post #125 here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
4/26/22 Update: Motion to exclude hearing was held. No jurors.
for more info see post #128 here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
Trial continues on 4/27/22.
*Elizabeth A. Holmes (34/now 37) (CEO of Theranos) – Trial began on 9/8/21 & ended 1/3/22 with a verdict of guilty on 4 counts of 11. Next sentencing hearing on 9/26/22.

 

[Niner]

And new court date added to court site:

Tuesday, Jun 7 2022
09:00AM
5:18-cr-00258-EJD-2 - USA v. Ramesh "Sunny" Balwani
Jury Trial

link: CALENDAR

 

[Niner]

More info in this article about the hearing on 4/26/22.

Balwani Jurors Can Hear If Investors Knew He Dated Holmes - Law360

 

[Niner]

Dang - I'm too late in correcting my post above - so will just re-post it!

Wednesday, April 27th:
*Trial continues (Day 13) (@ 9am PT) - CA – *Ramesh “Sunny” Balwani (53/now 56) (CFO & President of Theranos) indicted & charged (6/14/18) & arraigned (6/15/18) with 9 counts of wire fraud & 2 counts of conspiracy to commit wire fraud. Another count of wire fraud was added in 2020, bringing the total number of felony charges to 12. Plead not guilty. No bond. Faces a maximum sentence of 20 years in prison & a fine of $2.75 million, plus restitution, & $250K for each individual count of wire fraud & conspiracy. Plead Not guilty.
Federal Court 5:18-cr-00258-EJD-2 / SEC 5:18-cv-01603 filed 3/14/18 pending; plead not guilty.
Defrauding investors out of $700 million in funding for their blood-testing startup Theranos.
Trial began on 3/22/22. Jury: 12 jurors (6 women & 6 men) & 6 alternates (2 women & 4 men). 3/21/22: Jury #1 sick, alternate moves to jury. 12 jurors (6 women & 6 men) & 5 alternates (2 women & 3 men). Trial Court will be in session on Tuesdays, Wednesdays & Fridays (from 9-3), but the jury may be asked to come in on some Mondays & Thursdays as well. Trial dates so far: 4/27, 4/29, 5/3, 5/4, 5/10, 5/11, 5/13, 5/17, 5/18, 5/20, 5/27 & 6/7/22.
Indictment & court info from 4/11/20 thru 3/8/22 & Jury selection (Day 1-4) 3/9/22 to 3/15/22 & 3/16 to 3/21/22 & Trial Days 1-2 (3/22 to 3/23/22) & hearing on 3/29/22 & Trial Days 3-11 (3/30 to 4/22/22) & 4/12/22 reference post #125 here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
4/26/22 Tuesday, Day 12: Morning session – Government witnesses: Former Theranos lab director Adam Rosendorff. Lisa Peterson, DeVos family wealth manager. Peterson’s testimony will continue on 4/27/22.
for more info see post #132 here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
Afternoon session: Motion to exclude hearing was held. No jurors.
for more info see post #128 here:
CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
Trial continues on 4/27/22.
*Elizabeth A. Holmes (34/now 37) (CEO of Theranos) – Trial began on 9/8/21 & ended 1/3/22 with a verdict of guilty on 4 counts of 11. Next sentencing hearing on 9/26/22.

 

[UndiscoveredTruth]

YEA!! She is back covering the trial....

from Tuesday, April 26th:

Dorothy Atkins
@doratki
·
11h
Leach says whether investors knew Balwani and Holmes were dating is "completely fair game" "I admit it’s uncomfortable" b/c "people are entitled to have their private lives," but when it’s the 2 most important people at a co, that’s something that investors would want to know.

Trial is taking a break before Peterson testifies. Balwani's atty wants the gov't barred from asking Peterson if she knew that Elizabeth Holmes and Sunny Balwani were dating when the DeVos family invested. Prosecutor Robert Leach says it's relevant that she didn't know.

Good morning from San Jose! I'm back covering Sunny Balwani's fraud trial this week. Ex-Theranos lab director Adam Rosendorff's exam will continue today. The attorneys are arguing over admitting evidence that the state closed Rosendorff's new lab last week at PerkinElmer.

Balwani's counsel Jeff Coopersmith disagrees, and says top execs dating "happens every day, all through corporate America," and whether those execs "wear their hearts on their sleeves," or are quiet about their romantic lives, "should have no relevance or bearing" on investments.

Today Judge Ed Davila said prosecutors can ask a DeVos family wealth manager and other investors if they knew Sunny Balwani and Elizabeth Holmes were dating before investing in Theranos. My recap of today's testimony-packed trial day.

link: https://twitter.com/doratki

Fantastic!!!!!!! Thanks @Niner

(There's a few more tweets to add to the lot you've posted so I'll get onto posting them too)

 

[Niner]

Fantastic!!!!!!! Thanks @Niner

(There's a few more tweets to add to the lot you've posted so I'll get onto posting them too)

Okay - I guess I forgot again about that "Show Thread" - just consider me old... LOL!

 

[UndiscoveredTruth]

Dorothy Atkins@doratki
18h

Good morning from San Jose! I'm back covering Sunny Balwani's fraud trial this week. Ex-Theranos lab director Adam Rosendorff's exam will continue today. The attorneys are arguing over admitting evidence that the state closed Rosendorff's new lab last week at PerkinElmer.

Dorothy Atkins@doratki
18h

Last week, Judge Davila told Balwani's counsel can't portray Rosendorff as a "bad lab director" based on gov't compliance probes at his post-Theranos labs at Invitae, uBiome and PerkinElmer. Here's @bonnieeslinger's recap of that fight last week.

Balwani Can't Portray Gov't Witness As 'Bad Lab Director' - Law360


Dorothy Atkins@doratki
18h

Balwani's counsel says they learned last week that the state ended its contract w/ Rosendorff's PerkinElmer lab & Rosendorff asked to be removed from the lab's license "immediately." The atty wants to mention this at trial, but the judge says it's more prejudicial than probative.

Dorothy Atkins@doratki
18h

The attorneys say they expect to finish Rosendorff's exam quickly this morning - crazy they got him done in less than 3 days. He was examined for 6 painfully long trial days in Elizabeth Holmes' trial. Here's @bonnieeslinger's of his cross last week.

Balwani Never Told Theranos Lab Director To Lie, Jury Hears - Law360


Dorothy Atkins@doratki
18h

Rosendorff's cross wrapped with Balwani's counsel Jeff Coopersmith getting Rosendorff to acknowledge he recommended doubling the number of Theranos Edison devices so they could run more tests in 2014.

Dorothy Atkins@doratki
18h

Adam Rosendorff's cross - at least today - seemed much less contentious than his days-long cross exam during Elizabeth Holmes' trial. Somewhat oddly, it ended w/ Rosendorff thanking Balwani's counsel "Mr. Coopersmith," and defense counsel replying "you're welcome."

Dorothy Atkins@doratki
17h

On redirect, Rosendorff says while he was lab director at Theranos from 2013-2014, "I was constantly trying to get to the truth of how actually things were being done, regardless of my instructions" and Theranos Edisons' accuracy and reliability issues were never resolved.

Dorothy Atkins@doratki
17h

Rosendorff says Sunny Balwani and Elizabeth Holmes decided how much power he had as lab director at Theranos. "I was left out of emails. I was essentially lied to. I know that that’s a strong word," he adds.

Dorothy Atkins@doratki
17h

Rosendorff's redirect wraps w/ him emphasizing he was impacted by Theranos' accuracy & transparency issues. "My conscious was bothered. I was really bothered by what I had experienced at the company. I said to Balwani my last day it wasn’t worth my reputation to stay at the co"

Dorothy Atkins@doratki
17h

On recross, Rosendorff is now getting annoyed. Balwani's counsel probed him on certain tests and Rosendorff wanted to elaborate, but Balwani's counsel moved on. Rosendorff: "Do you want me to explain or not?" The attorney replied "I’m going to ask the q's and that’s all I have."

Dorothy Atkins@doratki
16h

The parties finished Dr. Adam Rosendorff's examination. After having to sit through many hours of multiple Theranos-related depositions and 9 days of testifying in both Holmes and Balwani's trials, he must be relieved.

Dorothy Atkins@doratki
16h

The gov't's next witness is Lisa Peterson, a private equity manager for the DeVos family's investment firm RDV Corp. She also testified in Elizabeth Holmes' trial. Here's my coverage of that testimony.

DeVos Family Gave Theranos $100M 'On The Spot,' Jury Told - Law360


Dorothy Atkins@doratki
16h

Trial is taking a break before Peterson testifies. Balwani's atty wants the gov't barred from asking Peterson if she knew that Elizabeth Holmes and Sunny Balwani were dating when the DeVos family invested. Prosecutor Robert Leach says it's relevant that she didn't know.

(Please refer to Niners post above for the remainder of tweets -- thank you!)

 

[UndiscoveredTruth]

Okay - I guess I forgot again about that "Show Thread" - just consider me old... LOL!

LOL it's all good--all sorted!

 

[UndiscoveredTruth]

Dorothy Atkins@doratki
3h

It's another day in Sunny Balwani's criminal fraud trial, and DeVos family wealth manager is on the stand. Yesterday she said she didn't know Balwani & Elizabeth Holmes were dating before the DeVos fam invested $100M in Theranos. She says had she known, she would've had more q's.

Dorothy Atkins@doratki
3h

Lisa Peterson said she would've wanted to be sure the "right people were in the right seats" - meaning Balwani had his title as COO due to merit and not his relationship w/ Holmes. Balwani's counsel starts out cross today pointing out that Theranos' board approved his appointment

Dorothy Atkins@doratki
3h

Balwani's counsel pressed Peterson on her statement that Theranos claimed it could run 200+ blood tests on its devices. "Definitely Elizabeth said those things. I don’t know if Mr. Balwani said those things, but he was in the room during the meetings and didn’t correct her."

Dorothy Atkins@doratki
3h

Balwani's counsel impeaches Peterson and points out she testified during the grand jury probe that she doesn't recall Holmes saying a "specific" claim about the tests, but they "understood" from what they read and heard that Theranos devices could do 200+ tests.

Dorothy Atkins@doratki
3h

On that note, here's a throwback to my favorite live tweet from Peterson's cross exam in Elizabeth Holmes' trial.

Dorothy Atkins@doratki
Oct 27, 2021
With some of the testimony today, it's kind of surprising that Peterson manages wealth as her job. At one point she didn't seem to know what a unicorn is. Overheard in the courtroom: “I wouldn’t let this woman run a car wash for me.”

Dorothy Atkins@doratki
2h

Balwani's counsel points out that in a 2014 memo Lisa Peterson projected the DeVos family's return on its $100M Theranos investment would be "5x at 30% IRR" in 7 years, but she also wrote that "no return estimates were provided" by Theranos, so it was an "internal" estimate.

Dorothy Atkins@doratki
2h

Balwani's counsel tries to get Peterson to acknowledge that before she prepared a Theranos due diligence memo for the DeVos family, the family had already committed to investing $100M into Theranos. (Holmes' counsel made the same point.) She says, "Yes, they did commit verbally."

Dorothy Atkins@doratki
2h

Peterson says the DeVos family members doubled their Theranos investment commitment from $50M to $100M during a meeting w/ Holmes and Balwani. She says she remember discussing the new amount w/ them after in the parking garage - (lol, where all 9-figure deals are made)

Dorothy Atkins@doratki
1h

After the meeting in which the DeVos fam members verbally agreed to give Theranos $100M, Peterson prepared a due diligence memo on the startup for the entire DeVos family. "I can’t say they read them, but we definitely discussed them at length them on the plane," she says.

Dorothy Atkins@doratki
1h

Balwani's counsel wrapped cross. On redirect, Peterson says statements about Theranos' tech in marketing material was in present tense and not "aspirational," and its revenue projections would have been "okay" if they were off by 10%, but not hundreds of millions.

Dorothy Atkins@doratki
1h

The parties wrapped Lisa Peterson's exam. Trial is on a break before the next witness - assuming it'll be another investors, but we'll see.

 

[UndiscoveredTruth]

Dorothy Atkins@doratki
51m

Ex-lab director Dr. Sunil Dhawan is up next. His exam should take the rest of the day. Dhawan was Balwani's dermatologist when Theranos hired him as a consultant and co-lab director of Theranos after Adam Rosendorff quit in Nov 2014.

Dorothy Atkins@doratki
41m

Balwani's counsel asked the judge to bar prosecutors from showing an exhibit that mentions federal regulators sanctioned Dhawan for Theranos' lab deficiencies. The judge wouldn't exclude it outright, and said "we’ll see what happens."

Dorothy Atkins@doratki
32m

Dhawan is on the stand. He says Balwani was his patient at his dermatology practice in the early 2000s and in 2014, Balwani asked him to be a temporary Theranos lab director for 1-3 months for $5k/month. Dhawan said he learned about Theranos from Google and reported to Balwani.

Dorothy Atkins@doratki
32m

Dhawan said he ended up serving as Theranos' part time lab director for 8 months and asking to be paid in stock, but he only worked a few hours b/w Nov 2014 and July 2015. "It was minimal, I was waiting for asking them to do things and I was not asked."

Dorothy Atkins@doratki
40m

Dhawan says in Aug 2015, Balwani asked him to sign dozens of Theranos validation reports, even though he had only gone to the lab a couple times, and he signed them in batches of 50 based in part on the fact that the prior lab director, Adam Rosendorff, had signed them.

Dorothy Atkins@doratki
36m

Dhawan said he attended the beginning of Theranos' 2014 CMS lab inspection, but didn't make any kind of presentation. He says he didn't know that Theranos was collecting samples in Pennsylvania, or that Theranos had another part-time lab director at the time Dr. Lynette Sawyer.

 

[Niner]

Update!

Friday, Apr 29 2022
08:30AM
5:18-cr-00258-EJD - USA v. Ramesh Balwani
Motion to Exclude

09:00AM
5:18-cr-00258-EJD-2 - USA v. Ramesh "Sunny" Balwani
Jury Trial


and additional trial dates added:


Tuesday, Jun 7 2022
09:00AM
5:18-cr-00258-EJD-2 - USA v. Ramesh "Sunny" Balwani
Jury Trial

Wednesday, Jun 8 2022
09:00AM
5:18-cr-00258-EJD-2 - USA v. Ramesh "Sunny" Balwani
Jury Trial

link: CALENDAR