Former Theranos COO Sunny Balwani Found Guilty on All Charges
Ramesh "Sunny" Balwani, former Chief Operating Officer of Theranos, has been found guilty on all counts in his criminal trial. Balwani, whose trial began in March, was charged with ten counts of wire fraud and two counts of conspiracy to commit wire fraud.
He faces up to 20 years in prison for defrauding Theranos investors and patients. His sentence is currently set for November 15.
The verdict comes nearly six months after Elizabeth Holmes was found guilty of defrauding Theranos investors. She also faces up to 20 years in prison; his sentencing is scheduled for September 26. During his trial, Holmes testified that Balwani controlled and abused during their relationship. Balwani's lawyers have denied the allegations.
The case against Balwani was similar to that against Holmes. Like Holmes, Balwani has been accused of defrauding Theranos investors as well as patients. Holmes was found guilty of just four of the 11 fraud charges she faced, all related to Theranos investors. She was acquitted of charges of defrauding patients.
Unlike Holmes, Balwani did not speak during his three-month trial. His lawyers argued that "he did not control Theranos" and that Holmes was ultimately put in charge of running the company. Prosecutors argued he was working hand-in-hand with Holmes to mislead investors and was the executive responsible for flawed financial projections claiming the startup would bring in $1 billion in revenue by 2015. /p>
Balwani's trial hasn't attracted the same level of media attention as Holmes', but his relationship with Holmes has played a major role in the widespread fascination surrounding Theranos. Balwani joined Theranos as COO in 2009 and oversaw much of the company's daily laboratory operations. The two executives hid their long-standing romantic relationship from other Theranos employees, as well as investors and members of the company's board of directors. More recently, their relationship was the focus of The Dropout, a Hulu miniseries about the rise and fall of Holmes and Theranos.
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Ramesh "Sunny" Balwani, former Chief Operating Officer of Theranos, has been found guilty on all counts in his criminal trial. Balwani, whose trial began in March, was charged with ten counts of wire fraud and two counts of conspiracy to commit wire fraud.
He faces up to 20 years in prison for defrauding Theranos investors and patients. His sentence is currently set for November 15.
The verdict comes nearly six months after Elizabeth Holmes was found guilty of defrauding Theranos investors. She also faces up to 20 years in prison; his sentencing is scheduled for September 26. During his trial, Holmes testified that Balwani controlled and abused during their relationship. Balwani's lawyers have denied the allegations.
The case against Balwani was similar to that against Holmes. Like Holmes, Balwani has been accused of defrauding Theranos investors as well as patients. Holmes was found guilty of just four of the 11 fraud charges she faced, all related to Theranos investors. She was acquitted of charges of defrauding patients.
Unlike Holmes, Balwani did not speak during his three-month trial. His lawyers argued that "he did not control Theranos" and that Holmes was ultimately put in charge of running the company. Prosecutors argued he was working hand-in-hand with Holmes to mislead investors and was the executive responsible for flawed financial projections claiming the startup would bring in $1 billion in revenue by 2015. /p>
Balwani's trial hasn't attracted the same level of media attention as Holmes', but his relationship with Holmes has played a major role in the widespread fascination surrounding Theranos. Balwani joined Theranos as COO in 2009 and oversaw much of the company's daily laboratory operations. The two executives hid their long-standing romantic relationship from other Theranos employees, as well as investors and members of the company's board of directors. More recently, their relationship was the focus of The Dropout, a Hulu miniseries about the rise and fall of Holmes and Theranos.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you purchase something through one of these links, we may earn an affiliate commission.
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