SAN JOSE (KRON) – Ramesh “Sunny” Balwani, the former business partner of Elizabeth Holmes, was found guilty on 12 counts of fraud and conspiracy in federal court midday Thursday, the Associated Press has confirmed.
Balwani is the former business partner of Elizabeth Holmes, who was the CEO of the Silicon Valley-based blood testing company, and who also fell into disgrace with her own guilty verdict this January.
Balwani, 57, faces up to 20 years in prison. The Associated Press reported he sat expressionless as the verdicts were read. Holmes and Balwani were accused of defrauding investors in Theranos.
Balwani was convicted not only for that, but for defrauding patients who relied on blood tests that turned out to be fraudulent.
This is a developing story. Check back for updates.