In 2018, Balwani was indicted, along with Theranos founder Elizabeth Holmes, for allegedly defrauding investors, doctors, and patients who bought into $9 billion-startup Theranos’ simplified blood-testing technology that proved too good to be true.ĭuring the trial, two dozen government witnesses sought to convince jurors that Balwani intentionally lied, deceiving investors who contributed $945 million in funding and endangering patients with false results from faulty blood tests. Balwani faces a maximum sentence of up to 20 years in prison and fines of $250,000 per wire fraud and conspiracy count, plus restitution. New York Times reporter Erin Griffith tweeted that the courtroom drew the case’s biggest crowd while the verdict was read. Balwani was found guilty of all 12 charges of wire fraud and conspiracy to commit wire fraud.
Justin Sullivan / Staff | Getty Images North America reader comments 250 withĪfter nearly five days of jury deliberations, a unanimous verdict has been reached in the trial of former Theranos president and chief operating officer Ramesh "Sunny" Balwani.
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