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Saturday, September 24, 2022

Former Theranos president Sunny Balwani found guilty of multiple fraud counts

Sunny Balwani, the former president of Theranos and ex-boyfriend of Elizabeth Holmes, was indicted in a criminal fraud case surrounding the biotech startup’s collapse. The verdict comes after a lengthy hearing, which first began in the same month in March. drop outA true-crime series depicting the rise and fall of Theranos, premiered on Hulu.

After four full days of deliberation, the jury determined that Balwani was guilty of all 12 criminal fraud charges brought against him. While his sentencing date has not been set, each wire fraud charge carries a maximum prison sentence of up to 20 years. Additionally, conspiracy charges carry a maximum of five years.

First indicted in 2018, Balwani pleaded not guilty to charges of allegedly defrauding investors and patients when Theranos appeared in the press for lying about a groundbreaking blood-sampling machine. was uncovered, which investors believed would revolutionize the health industry. In all, Balwani, now 57, was charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud related to his time at the company.

As ET previously reported, Balwani’s trial finally began this spring, after several delays due to the pandemic, and the ability to find a jury that had not seen the hit true-crime series, including Naveen Andrews, as the disgraced executive. acted as. At the time, his lawyer argued that he did not start the company nor did he control it. Meanwhile, prosecutors claimed that Balwani and Holmes were “partners in everything, including their crimes.”

Sunny Balwani
Getty Images

Balwani’s decision comes seven months after Holmes was charged and convicted on four similar charges of fraud. Holmes, meanwhile, still awaits sentencing, which is set for September, 2022.

As previously mentioned, both Balvani and Holmes’ stories were captured in the Hulu series, which was adapted by showrunner Elizabeth Meriweather. The eight-part saga depicts several allegations of paranoia and deceit allegedly committed by Balwani at the time.

Despite this, “I believe his intentions were noble. The idea was good. And somewhere, something happened and they crossed into uncharted territory, which is hard to define,” Andrews said, explaining that he and co-star Amanda Seyfried, who played Holmes, called the former couple ” wanted to be portrayed as “humans without judgment.”


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Reference from www.etonline.com

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