Ramesh Balwani is an American businessman. He is best known as the president and chief operating officer of the private medical technology company Theranos. The company was founded by his ex-girlfriend Elizabeth Holmes. As of 2021, Ramesh Balwani’s net worth is estimated to be around $40 million.
Ramesh Balwani was recently accused of defrauding investors, doctors and patients of Elizabeth Holmes. Balwani’s trial has been postponed until January 11, 2022 due to concerns related to COVID-19. Meanwhile, on August 31, 2021, Holmes appeared in court for fraud.
|Ramesh Sunny Balwani
|June 13, 1965
|$40 million (estimated)
Ramesh Balwani was born on June 13, 1965 in Pakistan. He was born into a Sindhi Hindu family. The Balwani family first moved to India and then immigrated to the United States. For undergraduate studies, he entered the University of Texas. Ramesh graduated from university with a degree in information systems.
At first, Ramesh served Lotus Software and Microsoft. He also helped found the software company CommerceBid, which helped businesses buy and sell products online. Later, in 1999, the company was bought by another software company, Commerce One.
Balwani sold his interest in Trading One in July 2000, earning close to $40 million. However, after some time, things no longer look good for the company. He then went back to school to finish his master’s degree at the University of California. In 2003 he graduated from university with an MBA.
Ramesh Balwani net worth and career
In 2009 he joined Theranos. He was responsible for the day-to-day running of the company. However, he lacked training in life sciences and medical devices, which was a problem due to a lack of medical experts. He once misunderstood the word “end effector” as an end factor. He even used the word as a joke during a PowerPoint presentation.
In October 2015, the company’s Edison blood testing device returned inaccurate results and diagnoses. The Wall Street Journal prepared a report on the inaccuracy of the device. In March 2016, the federal Centers for Medicare and Medicaid Services (CMS) produced a report showing widely mixed results for Edison machines.
Theranos Corporation invalidated all test results obtained with Edison machines in April 2016. Theranos received a warning letter from CMS in January 2016 after conducting an inspection of its laboratory in California. CMS also imposed a two-year ban on Balwani from operating or owning a blood lab.
In March 2018, the Securities and Exchange Commission charged Balwani and Theranos owner Elizabeth Holmes with securities fraud. They were designed to raise more than $700 million from investors through a year-long scam by providing false information about the company’s operations, technology, and financial performance. . Holmes initially withdrew from all litigation, but Balwani remained in litigation.
On June 15, 2018, a federal grand jury indicted Holmes and Balwani on nine counts of computer fraud. They were also charged with two counts of conspiracy to commit computer fraud. A US district court judge ruled that the trial against the two would begin in July 2020. Balwani’s trial was ordered to take place separately from Holmes’.
Holmes recently filed a lawsuit on August 31, 2021. If proven guilty, Holmes faces up to 20 years in prison and $2.75 million in fines and retaliation. Balwani’s trial is expected to begin after the Holmes trial ends in January 2022.
Personal life of Ramesh Balwani
Ramesh Balwani was married to the Japanese artist Keiko Fujimoto. The couple lived together in San Francisco until their divorce in December 2002. Balwani also had an affair with Elizabeth Holmes while they were working together at Theranos.
Holmes and Balwani first met in 2002. Balwani, who is 19 years older than Holmes, was married to his wife Keiko at the time. Although they had a romantic relationship, they never revealed their relationship to anyone.
Ramesh Balwani net worth
As of 2021, Ramesh Balwani’s personal fortune is estimated at $40 million. Balwani will lose part of his fortune if he is found guilty at his next trial in January 2022.