Silicon Valley executive Ramesh “Sunny” Balwani has been found guilty of defrauding investors in a conspiracy with ex-girlfriend Elizabeth Holmes. He falsely and repeatedly claimed that his company Theranos has a device that can detect hundreds of diseases with just a few drops of blood.
Holmes was found guilty in a separate trial in January, where he accused Balwani of misconduct, which he denies. Holmes, 38, and Balwani, 57, will be sentenced by a judge in the autumn.
Holmes is facing nearly 20 years in prison and is currently free on bail. Balwani faces up to 20 years in jail and millions of dollars in compensation payments to his victims.
Theranos once cost $9bn (£7.5bn), but it was based on a blood test technique that didn’t work.
The verdict was read on the fifth day of jury deliberations at a courthouse in San Jose, California, in the heart of Silicon Valley. Balwani was found guilty of all the 12 charges against him.
During closing arguments on 21 June, prosecutors showed text messages sent by Balwani to Holmes.
“I am responsible for everything at Theranos,” he wrote in 2015. “All have been my decisions too.” Assistant US Attorney Jeffrey Schenk called the message an admission of guilt. “He’s acknowledging his role in the fraud,” he said.