The 12-year jury found Balwani guilty on all 12 felony counts of defrauding both Theranos investors and patients who relied on highly unreliable blood tests that could put their health at risk.
Ramesh “Sunny” Balwani, the former president of Theranos and former partner of the company’s founder, Elizabeth Holmes, was convicted for his role in the collapse of the startup-Silicon Valley blood-testing scandal.
Baluani was charged with fraud.
The 12-year jury found Balwani guilty on all 12 felony counts of defrauding both Theranos investors and patients who relied on highly unreliable blood tests that could put their health at risk.
Balwani sat expressionless as the verdicts were read.
The result puts Balwani and Holmes in the same fate.
Holmes was convicted of four counts of defrauding and conspiring with investors earlier this year. During that trial, Holmes tearfully accused Balwani of sexually and emotionally abusing her while they were lovers. Balwani’s lawyer strongly denied the allegations.
Both Holmes, 38, and Balwani, 57, face up to 20 years in prison.
Balwani’s sentencing date is expected to be set in the coming days.
The dual convictions represent a resounding victory for federal prosecutors, who seized on the Theranos case as a rare opportunity to hold ambitious entrepreneurs accountable for the technological extravagance they engage in in pursuit of fame and money.
In the process, they hoped to discourage the practice of making bold and unproven promises for products that are still in their infancy – a startup strategy known as “fake it until you make it”.
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