Ex-Boyfriend of Disgraced Theranos Founder Elizabeth Holmes Found Guilty of Defrauding Investors, Patients

Ramesh “Sunny” Balwani, the ex-boyfriend of Theranos founder Elizabeth Holmes who served as President and COO of her company, has been found guilty of conspiring with Holmes to defraud investors and patients who used the company’s bogus blood testing services.

Axios reports that Ramesh “Sunny” Balwani has been found guilty of conspiring with ex-girlfriend Elizabeth Holmes to defraud Theranos investors and patients with misleading and false statements about the capability of the company’s technology.

Ramesh “Sunny” Balwani, right, the former lover and business partner of Theranos CEO Elizabeth Holmes, walks into federal court in San Jose, Calif., Friday, June 24, 2022. Balwani was found guilty in Theranos blood-testing fraud case, Thursday, July 7. .(AP Photo/Michael Liedtke, File)

SAN JOSE, CALIFORNIA – JUNE 28: Former Theranos founder and CEO Elizabeth Holmes arrives at the Robert F. Peckham U.S. Federal Court on June 28, 2019 in San Jose, California. (Photo by Justin Sullivan/Getty Images)

Balwani joined Theranos’s board in 2009 and served as company president and chief operating officer until 2016. A federal jury has now found Balwani guilty of 12 counts of wire fraud and conspiracy following a lengthy trial that faced numerous delays due to the coronavirus pandemic.

Each count against Balwani carries a maximum sentence of 20 years in prison and a fine of $250,000. Balwani may also be ordered to pay restitution. His sentence will be determined by a judge at a later date.

Balwani’s verdict comes months after Holmes was convicted of one count of conspiring to defraud and three counts of defrauding investors and acquitted of defrauding patients. Holmes is due to be sentenced in September but her lawyers have stated plans to appeal the ruling.

Jeffrey Coopersmith, an attorney for Balwani, told jurors during closing arguments: “Mr. Balwani put his heart and soul into Theranos.” Coopersmith claimed that Balwani was a true believer in Theranos’ technology who worked to correct problems in the lab and to ensure that the company was not misleading the public and investors about the capability of its technology.

In text messages presented to the jury, Balwani raised concerns with Holmes about inaccurate claims on Therano’s website and worried that she was overexposing the company in the media.

However, in another text, Balwani said that he was “responsible for everything at Theranos,” and that “all have been my decisions too,” which Assistant U.S. Attorney Jeffrey Schenk said was an admission of guilt.