A jury on Thursday convicted former Theranos executive Ramesh "Sunny" Balwani of collaborating with disgraced Theranos CEO Elizabeth Holmes in
The 12 jurors on all 12 felony counts of defrauding both Theranos investors and the patients who relied on wildly unreliable blood tests that could have jeopardized their health.
Balwani sat expressionless as the verdicts were read.
The outcome puts Balwani and Holmes in similar situations. Holmes was
Both Holmes, 38, and Balwani, 57, face up to 20 years in prison.
Holmes is scheduled to be sentenced in late September. The date of Balwani's sentencing is expected to be set in the coming days.
The dual convictions represent a resounding victory for federal prosecutors, who seized on the Theranos case as a rare opportunity to hold ambitious entrepreneurs accountable for engaging in technological hyperbole while pursuing fame and fortune. In the process, they hoped to discourage the practice of making bold and unproven promises about still-nascent products — a startup strategy known as "fake it until you make it."
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