SAN JOSE, Calif. — A jury on Thursday foundedguilty previous Theranos executive Ramesh “Sunny” Balwani of teamingup with disgraced Theranos CEO Elizabeth Holmes in a enormous scams including the blood-testing business that once enthralled Silicon Valley.
The 12 jurors discovered Balwani guilty on all 12 felony counts of defrauding both Theranos financiers and the clients who relied on extremely undependable blood tests that might haveactually threatened their health.
Balwani sat impassively as the decisions were checkedout in a San Jose, California, court, blinking regularly however seldom looking at the 7 females and 5 guys who foundedguilty him.
The result puts Balwani and Holmes in comparable scenarios. Holmes was foundedguilty on 4 counts of financier scams and conspiracy earlier this year. During that trial, Holmes tearfully implicated Balwani of sexually and mentally abusing her while the 2 were romantically included. An lawyer for Balwani has emphatically rejected those charges.
Both Holmes, 38, and Balwani, 57, face up to 20 years in jail.
After the decisions, U.S. District Judge Edward Davila raised Balwani’s bail to $750,000 from $500,000 and set Nov. 15 as his sentencing date. Holmes, who is complimentary on $500,000 bail, is arranged to be sentenced Sept. 26.
The double convictions represent a definite triumph for federal districtattorneys, who took on the Theranos case as a uncommon chance to hold enthusiastic businessowners responsible for interesting in technological embellishment while pursuing popularity and fortune. In the procedure, they hoped to dissuade the practice of making vibrant and unverified guarantees about still-nascent items — a start-up method understood as “fake it till you make it.”
“We are gratified by the jury’s difficult work and listening to the proof provided. We value the decision and appearance forward to the sentencing procedures,” U.S. Attorney Stephanie Hinds stated outside the courthouse.
Balwani didn’t