ICYMI: Each count carries a maximum sentence of 20 years in prison. Elizaeth Holmes is expected to be sentenced in September, and Sunny Balwani in November.
Ramesh Balwani, a former top executive at Theranos, was found guilty Thursday of 12 counts of fraud, in a verdict that was more severe than that of his co-conspirator, Elizabeth Holmes, and solidified the failed blood-testing startup as the ultimate Silicon Valley cautionary tale.
Both of their cases hinged on whether they had exaggerated the abilities of Theranos’ blood-testing machines in order to appeal to investors and customers, when the products did not actually work. In a statement delivered outside the courtroom, Stephanie Hinds, a U.S. attorney, said her office appreciated the verdict, and she thanked the jury for “dutifully navigating through the complex issues presented by this case.”
Balwani “put his heart and soul into Theranos,” Coopersmith said in his closing argument. “He worked tirelessly, year after year, to make the company a success.” Further, since Balwani went to trial after Holmes, prosecutors essentially got a do-over and honed their case. “The streamlined presentation, the streamlined evidence, the streamlined narrative — all was beneficial for the government in the end,” he said.
The verdict arrived during a harsh awakening for the tech industry, as stock prices have tanked amid rising interest rates, ballooning inflation and economic uncertainty. Investors, burned by the sell-off, have stopped chasing high-risk, money-losing startups, prompting many Silicon Valley companies to cut staff and slow their aggressive plans for expansion. The humbling moment has many predicting the end of a decadelong boom for tech startups.
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