Federal jurors in California have found former Theranos executiveRamesh “Sunny” Balwaniguilty of wire fraud and conspiracy to commit wire fraud, according to multiple reports.
On Thursday, the jury returned its verdict againstElizabeth Holmes' ex-boyfriend and Theranos' onetime president, findingBalwaniguilty on all 12 criminal charges he faced,CNBC,CNNandThe Wall Street Journalreport.
Balwani was convicted of two counts of conspiracy to commit fraud — with Holmes — six counts of defrauding investors and four counts of patient fraud.
The 57-year-old businessman faces up to 20 years for each fraud count when he’s sentenced later this year.
Sunny Balwani leaving court in January 2019.Justin Sullivan/Getty Images
It is unclear when he will be sentenced. But with Balwani’s criminal trial now finished, federal authorities can schedule a sentencing date for Holmes,who was convicted in January.
Balwani will be sentenced sometime after Holmes, bringing an end to the Theranos saga — one that began back in 2003, when Holmes founded the company at the age of 19.
Theranos was once valued at about $9 billion, and Holmes was named one ofForbes' richest women in America— all with the help of Balwani, authorities had alleged.
But in March 2018, Holmes' elaborate ruse unraveled.
In June 2018, criminal charges were filed against Holmes and Balwani.
Balwani, who first joined Theranos in 2009, has been banned from owning or operating a blood laboratory ever since an inspection of Theranos' Newark, Calif., lab back in March 2016. Balwani left the biotech company that same year in May.
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Like Holmes, who dropped out of Stanford University in 2004, Balwani also left Stanford without the computer science degree he’d been pursuing in 2008.
The case inspired the Hulu miniseriesThe Dropout, starringAmanda Seyfriedas Holmes andNaveen Andrewsas Balwani.
source: people.com
