COO of failed bio-biz Theranos found guilty on all twelve fraud counts
After a four-month trial, Ramesh"Sunny" Balwani, former chief operating officer of the utterly failed blood-testing startup Theranos, was found guilty of fraud on Thursday by a jury in California.
Balwani's ex-companion, Theranos founder and former CEO Elizabeth Holmes, received a similar though less severe verdict when she wasBalwani was found guilty on 12 counts – 10 of wire fraud and two of conspiracy to to commit wire fraud – while Holmes was found guilty of four counts of fraud and acquitted of four. Another three fraud counts against Holmes were dropped when the jury could not decide, and one more was dropped during Holmes's trial.
Holmes has appealed, and Balwani may do so, too – his attorney Jeff Coopersmith, with Orrick Herrington & Sutcliffe,Sentencing for Holmes is scheduled for September, 26, while Balwani's sentencing is set for November 15. The punishment for a single count of wire fraud can run as high as 20 years in prison.
Theranos was founded by Holmes in 2003 and raised more than $700 million from prominent investors based on claims the company had developed technology capable of diagnosing diseases from a drop of blood drawn by a finger-prick. By 2014, Theranos was valued at $9 billion and Holmes, who made a habit of wearing a black turtleneckBut in 2015, then Wall Street Journal reporter John Carreyrou publishedpublished March 28, 2016 in the Journal of Clinical Investigation found that Theranos tests deviated from expected ranges and from tests conducted by two other clinical testing services. These differences, the study said, could alter diagnoses and clinical outcomes. Additional scrutiny of Theranos' technology was advised.
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