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The unraveling of Theranos began in earnest in 2015, but the legal and financial avalanche truly came crashing down in the years that followed. In 2018, facing a cascade of lawsuits from investors, patients, and government regulators, Theranos began to dissolve. For Ramesh Balwani, this marked a dramatic and precipitous fall from grace. He was not merely a beneficiary of the fraud; he was a central architect. In June 2018, he was charged with massive fraud by the Securities and Exchange Commission (SEC). The charges alleged that he and Holmes had engaged in a years-long scheme to deceive investors, doctors, and patients about the capabilities of Theranos technology. The SEC’s complaint painted a picture of a ruthless executive who was fully aware of the deception and actively worked to suppress dissenting voices within the company.
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