Sunny Balwani Convicted of Fraud in Theranos Case

Sunny Balwani, former president and chief working officer of Theranos, was convicted on 12 counts of wire fraud and conspiracy to commit wire fraud on Thursday, NBC News confirmed.

Balwani, who was Elizabeth Holmes’s ex-boyfriend and former right-hand man, was one of many topics of Hulu’s latest “The Dropout” documentary sequence. Starring Amanda Seyfried, the sequence follows Holmes’s journey to changing into the youngest self-made girl billionaire after she launched revolutionary know-how that would substitute conventional blood checks via her firm, Theranos. Just one drawback: all of it turned out to be one large lie.

Particulars about Balwani’s previous are nonetheless fairly scarce, however we do know that he was previously married to Japanese artist Keiko Fujimoto. They divorced in 2002. As for his profession, Balwani beforehand labored in software program. He was a gross sales supervisor for Microsoft in Northern California earlier than he ultimately joined a start-up referred to as CommerceBid in 1999.

Balwani served as president of the corporate, which created platforms that enabled companies to pit suppliers towards one another to decrease prices. According to The New York Times, CommerceBid ended up getting bought for $225 million to a different firm referred to as Commerce One lower than a 12 months after it was created. A number of weeks after the 2 firms merged, Commerce One was price $20 billion. Nonetheless, its success was short-lived. After the recession in 2004, Commerce One was price nothing. Nonetheless, Balwani ended up making an estimated $40 million.

After his endeavors with CommerceBid and Commerce One, Balwani moved on to Theranos, the place he served because the chief working officer and Holmes’s shut confidante. In 2018, Balwani and Holmes have been each indicted for prison fraud. Holmes was convicted on three expenses of wire fraud and one depend of conspiracy to commit wire fraud by mendacity to buyers. Holmes has also accused Balwani of bodily and psychological abuse, which he has denied.

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