Former Theranos president Sunny Balwani was found guilty in the criminal fraud case surrounding the downfall of the biotech startup.
After four full days of deliberation, the jury determined that Balwani was guilty of all 12 criminal fraud charges brought against him. While his sentencing date has not been set, each wire fraud charge could lead up to 20 years max in prison. Additionally, the conspiracy charges carry a maximum of five years.
First indicted in 2018, Balwani pleaded not guilty to charges for allegedly defrauding investors and patients after Theranos wasfor lying about a groundbreaking blood-sampling machine that investors believed would revolutionize the healthcare industry. In total, Balwani, now 57, was charged with two counts of conspiracy to commit wire fraud and nine charges of wire fraud related to his time at the company.
As mentioned earlier, Balwani and Holmes’ stories were both captured in the Hulu series adapted by showrunner Elizabeth Meriwether. The eight-part saga depicts the many accusations of paranoia and deceit allegedly conducted by Balwani at the time. Despite that, “I believe their intentions were good. The idea was good. And somewhere along the way, something happened and they crossed into uncharted territory, which is hard to define,” Andrews said, explaining that he and co-star Amanda Seyfried, whoThis video is unavailable because we were unable to load a message from our sponsors.
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