Theranos Executive Ramesh “Sunny” Balwani convicted

Silicon Valley executive Ramesh “Sunny” Balwani has been found guilty of deceiving investors as part of a plot with ex-girlfriend Elizabeth Holmes.

Washington, July 8: Silicon Valley executive Ramesh “Sunny” Balwani has been found guilty of deceiving investors as part of a plot with ex-girlfriend Elizabeth Holmes.

He falsely and repeatedly claimed that their company, Theranos, had a device that could detect hundreds of diseases with a few drops of blood, BBC reported.

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Holmes was found guilty at a separate trial in January where she accused Balwani of abuse — which he denies.

Both Holmes, 38, and Balwani, 57, will be sentenced by a judge in the autumn, the report said.
Holmes is facing around 20 years in prison and is currently free on bail. Balwani also faces up to 20 years in prison. As well as millions of dollars in restitution payments to his victims, BBC said.

Theranos was once worth $9 billion but was based on blood testing technology that did not work.
The verdict was read on the fifth day of jury deliberations at a courthouse in San Jose, California. In the heart of Silicon Valley. Balwani was found guilty of all 12 charges against him.

Theranos was once the darling of biotech and Silicon Valley.

He was a 37-year-old South Asian immigrant who had made millions selling his software company before the dot-com bubble burst, BBC reported.

Around the same time he met Holmes, he divorced his wife, a Japanese artist. Their relationship became a romantic one around the time that Holmes was starting Theranos.