Ex Theranos executive Ramesh “Sunny” Balwani was convicted on Thursday of cheating with investors and patients at a blood testing company.
Balwani, who served as the COO and president of Theranos, was convicted of 12 counts, including ten counts of wire forgery and two counts of conspiracy to commit wire fraud.
Elizabeth Holmes, the company’s former CEO, who was also Balwani’s ex-girlfriend He was convicted in January of three counts of conspiracy to defraud investors and wire fraud, although the jury did not convict him of four other fraud charges involving patients who used Theranos tests. Judges could not reach a verdict on the three counts of cheating certain investors.
Holmes and Balwani were initially charged together, but their cases were separated after Holmes Balwani accused him of abuse. He denied the allegations and argued that he was responsible for Theranos’ problems during his trial.
Both Balwani and Holmes could face up to 20 years in prison, although he has already told a judge Reverse his faith. Holmes is due to go to court in September.
Theranos was launched in 2003 and was racked up Huge amount of investor dollars. But the prospect of disrupting the healthcare industry in the full range of lab tests performed on a few drops of blood began to unfold in 2015 when Of the Wall Street Journal John Carrero has started a series of investigative articles on the company’s technology problems. The company officially closed in 2018.