Theranos COO Ramesh Balwani convicted for multimillion-dollar fraud

For committing conspiracy and fraud, he may get a maximum term of 20 years in prison, a fine of US$250,000, plus restitution.

Theranos COO Ramesh Balwani convicted for multimillion-dollar fraud
Photo by Tingey Injury Law Firm / Unsplash

A federal jury in the United States has convicted Ramesh Balwani, the Chief Operating Officer of Theranos - a blood-testing company, guilty of all charges linked to a multimillion-dollar fraud scheme at the firm established by his ex-girlfriend Elizabeth Holmes, who was once hailed as Silicon Valley's rising star.

A multimillion-dollar plot to deceive investors and patients in connection with Theranos was used by Balwani to commit two charges of conspiracy and ten counts of wire fraud, which were both found guilty by a federal jury in San Jose.