NewsNational News


Former Theranos exec Ramesh Balwani convicted of fraud

Theranos Fraud Trial
Posted at 2:20 PM, Jul 07, 2022

SAN JOSE, Calif. (AP) — A jury on Thursday convicted former Theranos executive Ramesh "Sunny" Balwani of collaborating with disgraced Theranos CEO Elizabeth Holmes in a massive fraud involving the blood-testing company that once enthralled Silicon Valley.

The 12 jurors found Balwani guilty on all 12 felony counts of defrauding both Theranos investors and the patients who relied on wildly unreliable blood tests that could have jeopardized their health.

Balwani sat expressionless as the verdicts were read.

In January, Holmes was found guilty of four of the 11 criminal counts she faced.

Holmes claimed to have invented a medical revolution with Edison, a machine that could run several blood tests on a single sample.

The 38-year-old said the invention would save time, resources, and patients from needless needle pricks.

Both face up to 20 years in prison.

Holmes is slated to be sentenced in September. As for Balwani, his sentencing date is scheduled to be set soon.