Former Theranos executive Ramesh “Sunny” Balwani convicted of fraud

A jury on Thursday convicted former Theranos executive Ramesh “Sunny” Balwani of collaborating with disgraced Theranos CEO Elizabeth Holmes in an enormous fraud involving the blood-testing firm that after enthralled Silicon Valley.
 
The 12 jurors discovered Balwani responsible on all 12 felony counts of defrauding each Theranos traders and the sufferers who relied on wildly unreliable blood assessments that might have jeopardized their well being.
 
Balwani sat expressionless because the verdicts have been learn.

The end result places Balwani and Holmes in comparable conditions. Holmes was convicted on 4 counts of investor fraud and conspiracy earlier this yr. During that trial, Holmes tearfully accused Balwani of sexually and emotionally abusing her whereas they have been lovers. An legal professional for Balwani has vehemently denied these prices.
 
Both Holmes, 38, and Balwani, 57, resist 20 years in jail.
 
Holmes is scheduled to be sentenced in late September. The date of Balwani’s sentencing is predicted to be set within the coming days.
 
The twin convictions characterize a convincing victory for federal prosecutors, who seized on the Theranos case as a uncommon alternative to carry formidable entrepreneurs accountable for participating in technological hyperbole whereas pursuing fame and fortune. In the method, they hoped to discourage the follow of making daring and unproven guarantees about still-nascent merchandise — a startup technique often known as “fake it until you make it.”