{"id":1543115,"date":"2022-07-07T15:19:07","date_gmt":"2022-07-07T19:19:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1543115"},"modified":"2022-07-07T15:19:13","modified_gmt":"2022-07-07T19:19:13","slug":"former-theranos-president-found-guilty-of-fraud","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-theranos-president-found-guilty-of-fraud\/","title":{"rendered":"Former Theranos President Found Guilty of Fraud"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fformer-theranos-president-found-guilty-of-fraud%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1543115&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Sunny Balwani, the former president and chief operating officer of bankrupt blood-testing company Theranos, on Thursday was found guilty of 12 counts of conspiracy and fraud against certain investors and patients.<\/p>\n<ul>\n<li>It&#8217;s a similar verdict to one handed down <a class=\"gtmContentClick\" data-vars-link-text=\"in January\" data-vars-click-url=\"https:\/\/www.axios.com\/2022\/01\/04\/theranos-elizabeth-holmes-verdict\" data-vars-content-id=\"afb5f1fa-53a9-43cf-9466-87cae6afc923\" data-vars-headline=\"Ex-Theranos president Sunny Balwani found guilty of fraud\" data-vars-event-category=\"story\" data-vars-sub-category=\"story\" data-vars-item=\"in_content_link\" href=\"https:\/\/www.axios.com\/2022\/01\/04\/theranos-elizabeth-holmes-verdict\" target=\"_self\" rel=\"noopener\">in January<\/a> to Theranos founder and ex-CEO Elizabeth Holmes, who once dated Balwani.<\/li>\n<\/ul>\n<p><strong>Why it matters: <\/strong>Balwani isn&#8217;t a household name like Holmes, but he was instrumental in building a billion-dollar house of cards that duped both investors and patients.<\/p>\n<p><strong>Courtroom drama:<\/strong> Balwani&#8217;s attorneys tried to pin the blame for Theranos&#8217; failures on Holmes, much as her attorneys had tried to blame Balwani.<\/p>\n<ul>\n<li>As we wrote <a class=\"gtmContentClick\" data-vars-link-text=\"when the trial began\" data-vars-click-url=\"https:\/\/www.axios.com\/2022\/03\/25\/theranos-exec-sunny-balwani-trial\" data-vars-content-id=\"afb5f1fa-53a9-43cf-9466-87cae6afc923\" data-vars-headline=\"Ex-Theranos president Sunny Balwani found guilty of fraud\" data-vars-event-category=\"story\" data-vars-sub-category=\"story\" data-vars-item=\"in_content_link\" href=\"https:\/\/www.axios.com\/2022\/03\/25\/theranos-exec-sunny-balwani-trial\" target=\"_self\" rel=\"noopener\">when the trial began<\/a>: Holmes tried to thread an incredibly narrow rhetorical needle, denying the existence of fraud while also redirecting blame. Balwani seems to be attempting something similar; claiming he was a savvy executive with lots of past success, but also a naif who was bamboozled by Holmes. <\/li>\n<li>But prosecutors, who originally wanted to try the pair together, often used Balwani&#8217;s own words against him. For example, they presented a text message from Balwani to Holmes that read: \u201cI am responsible for everything at Theranos.&#8221;<\/li>\n<li>One big difference between the trials, however, was that Balwani didn&#8217;t testify in his own defense. <\/li>\n<\/ul>\n<p><strong>Details:<\/strong> Balwani was convicted on all 12 counts brought against him, after nearly five days of jury deliberations. This includes a wire fraud charge related to a $100 million investment in Theranos from the family of former U.S. Education Secretary Betsy DeVos.<\/p>\n<ul>\n<li>Holmes had been convicted on four of seven counts, each one related to investors and carrying a maximum sentence of 20 years in prison.<\/li>\n<\/ul>\n<p><strong>Look ahead:<\/strong> Expect Balwani to appeal the verdict, as Holmes already <a class=\"gtmContentClick\" data-vars-link-text=\"has done\" data-vars-click-url=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-28\/elizabeth-holmes-urges-judge-to-overturn-verdict-and-acquit-her\" data-vars-content-id=\"afb5f1fa-53a9-43cf-9466-87cae6afc923\" data-vars-headline=\"Ex-Theranos president Sunny Balwani found guilty of fraud\" data-vars-event-category=\"story\" data-vars-sub-category=\"story\" data-vars-item=\"in_content_link\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-28\/elizabeth-holmes-urges-judge-to-overturn-verdict-and-acquit-her\" target=\"_blank\" rel=\"noopener\">has done<\/a>.<\/p>\n<p><span id=\"midStoryAd\" data-ad-status=\"NO_AD_LENGTH\"><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sunny Balwani, the former president and chief operating officer of bankrupt blood-testing company Theranos, on Thursday was found guilty of 12 counts of conspiracy and fraud against certain investors and<\/p>\n","protected":false},"author":1,"featured_media":1547013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1543115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1543115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1543115"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1543115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1547013"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1543115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1543115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1543115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}