Former Theranos chief operating officer Ramesh “Sunny” Balwani sat stoically as the federal San Jose jury found him guilty of all 10 ten counts of wire fraud and two counts of conspiracy to commit wire fraud on July 7. It’s an experience to which his former lover and business partner, Elizabeth Holmes, was also subjected to. Six months earlier, Holmes was also found guilty on wire fraud charges in the same courtroom. She at least had the consolation of being found not guilty on seven of 11 charges.
For all the twists and turns, Holmes and Balwani are now in nearly identical positions with both facing up to 20 years in prison for defrauding Theranos investors and, more importantly in Balwani’s case, patients by making false claims about the capabilities of their fingerstick blood testing technology. (Holmes was able to beat the patient fraud charges leveled against her.) Holmes will learn her fate on Sept. 26; Balwani’s sentencing is scheduled for November 15. Holmes is currently free after posting bail of $500,000. After the verdict, Judge Edward Davila raised Balwani’s bail from $500,000 to $750,000.
Get more insight on the verdict in this advance posting from the August 2022 issue of National Lab Reporter