Former Theranos executive Ramesh “Sunny” Balwani was found guilty of 12 federal criminal fraud charges on Thursday, making him the second high-level leader of the now-defunct blood testing firm convicted of deceiving investors about its failed technology.
A California jury in San Jose agreed with prosecutors that Balwani, 58, took part in scamming investors in an elaborate scheme with disgraced Theranos founder and president Elizabeth Holmes, his former girlfriend.
Holmes was convicted in January of one charge of conspiracy and three charges of fraud for her role in the scam. She was originally accused on 11 charges, and the jury could not reach a verdict on three of them.
Holmes, 37, launched the company in 2003 at the age of 19 after dropping out of Stanford University. She dazzled Silicon Valley and investors alike with claims that she had developed a revolutionary technology that could diagnose upwards of 200 diseases with just a few drops of a patient’s blood.
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