Ex-Theranos Exec Ramesh 'Sunny' Balwani Convicted Of 12 Fraud Counts

PALO ALTO, CA — Former Theranos executive Ramesh "Sunny" Balwani has been convicted of 12 fraud counts after he was accused of collaborating with the blood-testing company's disgraced CEO Elizabeth Holmes in a massive scheme.

Jurors on Thursday found Balwani guilty on all 12 felony counts of defrauding investors of the Silicon Valley company and patients who depended on wildly unreliable blood tests that could endanger their health, media outlets reported.

Balwani, the former business partner and ex-lover of convicted Theranos founder and CEO Elizabeth Holmes, was charged with the same counts of criminal wire fraud and conspiracy against investors, doctors and patients brought against Holmes.

The cases hinged on whether they embellished the abilities of the company's blood-testing machines when the products didn't actually work, according to The New York Times. Theranos collapsed in 2018 and became a cautionary tale for other start-up investors.

The trial against Holmes began in September 2021 in San Jose. In January, a federal jury convicted Holmes of three counts of wire fraud and a count of conspiracy to commit wire fraud against investors. She was acquitted of four wire fraud counts against patients. The jury did not reach a verdict on three additional counts of wire fraud against investors, and the government dismissed the charges.

Holmes's sentencing was scheduled for Sept. 26. She remains free on bond.

In 2004, Holmes dropped out of Stanford University at 19 to start Theranos. The company billed itself as a revolutionary health care upstart that would up-end the industry with its state-of-the-art pin-prick tests that would make blood testing cheap and easy.

Balwani served as Theranos' president, chief operating officer and board member from September 2009 through 2016.

During her trial, Holmes tearfully accused Balwani of sexually and emotionally abusing her while they were lovers.

“He would force me to have sex with him when I didn’t want to because he would say that he wanted me to know he still loved me,” Holmes said in court.

An attorney for Balwani vehemently denied the accusations.

Both Holmes, 38, and Balwani, 57, face up to 20 years in prison. Balwani's sentencing date is expected to be set in the coming days.