Former Theranos COO convicted of federal fraud.

Following a lengthy trial with opening remarks in March, the judges’ hearings were extended for four full days. Balwani, former president of Teranos, and COO accused Holmes four years ago of defrauding investors and patients. The Holmes Lawyer’s Legal Team stated in a statement that it had no plans to sue.

Balwani’s trial comes just six months after Holmes, the founder and former chief executive of a failed blood test, was convicted of four federal fraud charges.

Holmes founded Teranos at the age of 19 and, in her quest for a cheaper and more efficient alternative to traditional blood tests, this goal was inspired by her own fears. He says that this initiative has created a technology that can diagnose a variety of diseases, including cancer and diabetes, using just a few drops of blood. Terranos eventually raised $ 945 million from investors, including celebrities such as media mogul Rupert Mordock and the Walmart Walton family. He formed partnerships with well-known retailers.

Then, in his 2015 Wall Street Journal investigation, everything fell apart when he discovered gaps in his strategies and technological capabilities.

The Balvanese trial took place in San Jose, California, where Holmes was sentenced. He was pushed back several times due to delays in the Holes test and later on his high-profile case against Covi-19.

The government called two dozen witnesses to testify in the case – many of whom had previously been called to testify in the Holes trial – and sought to convince judges not to lie and deceive investors and patients in order to extort money. Defense witnesses presented only two witnesses. Defendant stated during the hearing that Balwani acted in good faith and believed in the company’s technology. Defendant Balwany argued that the government did not have enough evidence to prove its guilt.

Balwani’s relationship with Halls began in 2002, when the two met at a summer camp in Beijing to learn about Mandarin. Balwani, who has been in Holles for almost 20 years, has a successful career in the software industry and entrepreneurship. As Holmes testified in her defense, the friendship between the two eventually turned to love.

A.D. In 2005, the year Homs left Stanford, the couple lived together to work full-time in Teranos. A.D. In 2009, Balvani secured a $ 10 million loan and took on a regular role.

Balwani faces up to 20 years in prison and a $ 250,000 fine and compensation for each wire fraud and conspiracy. He pleaded not guilty.

Holmes is due to be sentenced by the end of September.


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