SAN JOSE, Calif. — Ramesh Balwani, a former major executive at Theranos, was identified responsible on Thursday of 12 counts of fraud, in a verdict that was more severe than that of his co-conspirator, Elizabeth Holmes, and solidifying the unsuccessful blood-testing commence-up as the supreme Silicon Valley cautionary tale.
Mr. Balwani and Ms. Holmes, who with each other pushed Theranos to soaring heights with a guarantee to revolutionize well being care, are the most prominent tech executives to be charged with and convicted of fraud in a technology. A jury of five adult males and 7 women of all ages took 32 several hours to generate a verdict, convicting Mr. Balwani, acknowledged as Sunny, of all 10 counts of wire fraud and two counts of conspiracy to dedicate wire fraud.
Ms. Holmes was convicted in January on four counts of fraud and acquitted of four three other costs were dismissed after the jury could not access a consensus. She has appealed the verdict, and Mr. Balwani is anticipated to do the exact.
Each of their cases hinged on no matter if they had exaggerated the abilities of Theranos’s blood-testing machines to charm to traders and prospects, when the solutions did not in fact get the job done.
Each and every depend carries a maximum sentence of 20 years in prison. Mr. Balwani and Ms. Holmes are predicted to be sentenced collectively in September.
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Kalley Huang contributed reporting.