Former Theranos govt Ramesh “Sunny” Balwani convicted of fraud

A jury on Thursday convicted former Theranos govt Ramesh “Sunny” Balwani of collaborating with disgraced Theranos CEO Elizabeth Holmes in a large 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 buyers and the sufferers who relied on wildly unreliable blood assessments that might have jeopardized their well being.
Balwani sat expressionless because the verdicts had been learn.

Fraud Trial For Theranos Deputy Ramesh
Former Theranos COO Ramesh “Sunny” Balwani goes by way of a safety checkpoiunt as he arrives on the Robert F. Peckham U.S. Federal Court docket on March 16, 2022 in San Jose, California. 

Getty Photographs

The result places Balwani and Holmes in comparable conditions. Holmes was convicted on 4 counts of investor fraud and conspiracy earlier this 12 months. Throughout that trial, Holmes tearfully accused Balwani of sexually and emotionally abusing her whereas they had been lovers. An lawyer for Balwani has vehemently denied these costs.
Each 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 powerful victory for federal prosecutors, who seized on the Theranos case as a uncommon alternative to carry bold entrepreneurs accountable for participating in technological hyperbole whereas pursuing fame and fortune. Within the course of, they hoped to discourage the follow of creating daring and unproven guarantees about still-nascent merchandise — a startup technique generally known as “faux it till you make it.”

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