Yahoo Finance legal reporter Alexis Keenan shares the latest on the trial for ex-Theranos executive Sunny Balwani, who faces up to 15 years in prison.
DAVE BRIGGS: Ex-Theranos president Ramesh Sunny Balwani is awaiting sentencing after being convicted of fraud. Now we know how much jail time prosecutors want him to serve. Alexis Keenan is here with the answer. Alexis, how long?
ALEXIS KEENAN: Hi, Dave. So 15 years is what the government is recommending to the judge. Remember, Balwani is Elizabeth Holmes' co-defendant and also her former boyfriend, who served as CEO of Holmes' blood testing company, Theranos. Now, the recommendation comes on the heels of Elizabeth Holmes' own sentence that happened on November 18. And for Holmes, the government made that same 15-year recommendation for a prison term, though the judge ultimately decided that her term would be 11 years and three months.
Now, it was back in July when Balwani's jury returned guilty verdicts on all 12 counts of fraud that the government brought for his role in the blood testing company. And while both juries found that the Silicon Valley biotech company fleeced investors out of hundreds of millions of dollars, it was Balwani's jury that delivered a much harsher verdict. But still, the government asking for that same level of incarceration here.
Now, technically, each of these 12 convictions that Balwani is looking at, they each carry a maximum penalty of 20 years in prison and also $250,000 in fines, plus millions of dollars in restitution. But for his part, Balwani, he's asking for straight probation. He thinks he should not go to jail at all. But like with Holmes, Dave, this decision is up to the judge that presided over both cases. Balwani will learn of his sentence on December 7, when he's scheduled to be back in court. But as with Holmes as well, we should also expect to see an appeal from Balwani. Guys.
DAVE BRIGGS: Indeed we will. Alexis Keenan, great stuff. Thank you.