Balwani was found guilty of collaborating with Elizabeth Holmes in a massive fraud involving the blood-testing company.
SAN JOSE, Calif. — 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 outcome puts Balwani and Holmes in similar situations. Holmes was convicted on four counts of investor fraud and conspiracy earlier this year. During that trial, Holmes tearfully accused Balwani of sexually and emotionally abusing her while the two were romantically involved. An attorney for Balwani has vehemently denied those charges.After the verdicts, U.S. District Judge Edward Davila raised Balwani’s bail to $750,000 from $500,000 and set Nov. 15 as his sentencing date.
While Holmes insinuated during her trial that Balwani manipulated her into making poor choices, Balwani’s lawyers explicitly sought to shift all the blame for any misconduct squarely on Holmes. After committing about $15 million of his own money to bolster Theranos and then becoming the company’s chief operating officer in 2010, Balwani eventually oversaw the blood-testing lab that was delivering the inaccurate results and supervised the Walgreen’s deal. That crucial detail may have influenced the jury to convict him of defrauding patients while another jury acquitted Holmes on the same charges.
“The reason he didn’t testify is probably because he knows he doesn’t have Elizabeth’s charisma,” said Jill Huntley Taylor, a longtime jury consultant who also assists with trial strategy.
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