Jul 08, 2022 14:00:00

Former president of blood test company Theranos, also known as 'the biggest fraud company in history', is guilty of fraud and conspiracy

Sunny

Balwani , president and chief operating officer (COO) of the medical venture Theranos, which was launched with the pretext that 'more than 200 types of blood tests can be performed quickly and inexpensively with a small amount of blood,' said I was convicted of fraud and conspiracy.

Theranos Ex-President Sunny Balwani Found Guilty of Fraud --Bloomberg
https://www.bloomberg.com/news/articles/2022-07-07/theranos-jury-has-reached-verdict-in-sunny-balwani-fraud-trial

Ex-Theranos president Ramesh Sunny Balwani found guilty of fraud
https://www.axios.com/2022/07/07/theranos-sunny-balwani-guilty-fraud

Theranos is a medical venture founded by Elizabeth Holmes, a second-year student at Stanford University's Department of Chemical Engineering. Theranos raised about 350 million dollars (about 48 billion yen) in 2014, and the company's market capitalization reached 80 billion dollars (about 1 trillion yen). This made Holmes the youngest and most influential woman in history, and was named one of the ' 100 Most Influential People in the World ' in 2015.

But things have changed since the Wall Street Journal published an article in 2015 that questioned the authenticity of Theranos blood tests. In 2016, the medical and health authorities stripped him of his clinical laboratory license, and in 2018, the federal prosecutor's office charged Holmes and Balwani with fraud. Theranos has notified shareholders of the dissolution of the company after two of the top management have been sued.

Holmes was convicted in January 2022 in the proceedings, but Barwani was also convicted in July. Balwani isn't as well-known as Holmes, but he was just as accused of cheating $ 1 billion worth of money from both investors and patients.

Mr. Balwani has been convicted of all 12 cases filed in the proceedings, and he is reported to have 'not testified' in his defense. Of the 12 crimes, one also includes a '$ 100 million investment fraud' deceived by Theranos from the family of former US Secretary of Education Betsy DeVos.

Mr. Holmes has already appealed the conviction, and it is reported that Mr. Balwani is likely to follow suit.