Sunny Balwani, of Elizabeth Holmes' "Theranos" Found Guilty | Breaking News

Founder Elizabeth Holmes' ex-boyfriend Ramesh "Sunny" Balwani, former COO of failed blood testing startup Theranos, was found guilty of defrauding investors and patients.

The jury deliberated for four days following a lengthy trial that began in March with opening statements. Almost four years ago, Balwani and Holmes were indicted for allegedly defrauding investors and patients at Theranos. Holmes' legal team stated in legal filings that she intended to make accusations about their relationship as part of her defense.

A jury found Balwani guilty of four of 11 federal fraud and conspiracy charges against Holmes, the founder and former CEO of a failed blood testing startup.

During Balwani's trial, the government called two dozen witnesses - many of whom had previously testified in Holmes' trial - to prove that he had intentionally deceived investors and patients. Only two witnesses testified for the defense. During the defense's arguments, Balwani was portrayed as acting in good faith and believing in his company's technology. Furthermore, the defense questioned whether the government had sufficient evidence to convict Balwani.

During a summer program in Beijing to learn Mandarin in 2002, Balwani and Holmes met. In addition to his successful career in the software industry, Balwani was an entrepreneur nearly 20 years older than Holmes. Holmes testified in her own defense that their friendship eventually turned romantic.

The pair moved in together by 2005, the year after Holmes dropped out of Stanford to work full-time on Theranos. Following a $10 million loan guarantee, Balwani took on a formal role at the startup.

On each count of wire fraud and conspiracy, Balwani faces up to 20 years in prison and a fine of $250,000 plus restitution. Not guilty, he has pleaded.

In late September, Holmes will be sentenced.

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