Elizabeth Holmes’ ex-boyfriend, was found guilty in the criminal fraud case surrounding the downfall of the biotech startup.
The verdict comes after a lengthy trial, which first started in March, the same month, a true-crime series depicting the rise and fall of Theranos, premiered on Hulu.After four full days of deliberation, the jury determined that Balwani was guilty of all 12 criminal fraud charges brought against him.
While his sentencing date has not been set, each wire fraud charge could lead up to 20 years max in prison. Additionally, the conspiracy charges carry a maximum of five years.
First indicted in 2018, Balwani pleaded not guilty to charges for allegedly defrauding investors and patients after Theranos was exposed in the press for lying about a groundbreaking blood-sampling machine that investors believed would revolutionize the healthcare industry.
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