Former Theranos Co-Founder Sunny Balwani Found Guilty Of Fraud
July 8, 2022 | Tags: ZEROHEDGEFormer Theranos Co-Founder Sunny Balwani Found Guilty Of Fraud
Elizabeth Holmes' boy-toy and Theranos co-founder Sunny Balwani was found guilty of 12 counts of wire fraud and conspiracy to commit wire fraud this week, resulting from his involvement in the startup blood testing company run by Holmes.
He was found to have misled investors about the financial health of the company and was convicted on all 12 counts of wire fraud he faced, according to NBC.
Balwani was accused of "defrauding investors and patients, in part by misrepresenting the efficacy of Theranos' product and lying about the company's finances," the report says. He started his time at Theranos in 2009.
Recall, in early 2022, a jury (of 8 men and 4 women) returned a verdict also finding Holmes guilty on multiple counts. Her verdict came after "seven days of deliberations spanning more than 50 hours", according to CNBC.
In Balwani's case, the jury deliberated for five days. Holmes' trial was held separately from Balwani's because Holmes argued in her defense that she "suffered abuse at Balwani's hands that had driven her to mislead investors," according to Sky.
Holmes was found guilty on 4 charges, including one count of conspiracy and 3 wire fraud charges that can cost Holmes up to 20 years in prison (as well as a fine of $250,000 plus restitution), per count.
The jury found her not guilty of four other felony charges. On the three remaining charges, the jury was deadlocked.
"She chose fraud over business failure. She chose to be dishonest with investors and with patients," prosecutor Jeff Schenk said in his closing statement about Holmes.