BREAKING: Former Theranos president Ramesh “Sunny” Balwani found guilty of defrauding investors and patients in connection with his blood-testing startup.
July 07, 2022, 2:20 PMRamesh Balwani of Theranos arrives for motion hearing, Nov. 4, 2019, at the U.S. District Court House inside Robert F. Peckham Federal Building in San Jose, Calif.A jury has convicted former Theranos president Ramesh “Sunny” Balwani of defrauding investors and patients in connection with his multi-billion-dollar blood-testing startup.
The feds originally charged Balwani and Holmes together. But their trials were later severed after Holmes revealed she may testify to abuse at the hands of Balwani. Balwani joined the company in 2009, guaranteeing a $10 million loan and quickly rising to the post of president and COO of Theranos. While his attorneys sought to distinguish his position in the company from the CEO, Holmes, prosecutors say he played an equal role in the fraud."I am responsible for everything at Theranos. All have been my decisions too," read a text message from Balwani to Holmes in July 2015, which Assistant U.S.
"Mr. Balwani is not a victim. He's a perpetrator of the fraud," the prosecutor, Schenk, said to wrap up his remarks.
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