Blood test boss slammed
The former president of a multi-billion dollar blood testing startup has been found guilty of fraud.
There was much excitement about the company Theranos after it promised to to up-end the laboratory testing industry with portable machines that could run a broad array of tests.
The company said it was working with drug makers, pharmacies and the US military. It reportedly received investments from media mogul Rupert Murdoch.
But Theranos collapsed after the Wall Street Journal published a series of articles, starting in 2015, that suggested its devices were flawed and inaccurate.
The company had claimed to be able to offer more than 240 different tests, ranging from cholesterol to cancer, from just a finger prick.
A jury in San Jose, California, deliberated for over five days before convicting former Theranos president Ramesh “Sunny” Balwani on two counts of conspiracy and 10 counts of fraud this week.
Mr Balwani and fellow Theranos founder Elizabeth Holmes initially faced the same charges after allegedly lying to investors about the company's finances and the ability of its machines to run a broad range of tests from a few drops of blood.
The two were granted separate trials after Ms Holmes said she would testify that Mr Balwani was abusive towards her in their romantic relationship. Mr Balwani has denied the allegations.
Ms Holmes is set to be sentenced on September 26, while Mr Balwani's sentencing date is November 15.