Sunny Balwani trial update: Former Theranos president found guilty on all counts in fraud case

SAN JOSE, Calif. -- Jurors found former Theranos President Sunny Balwani guilty on all counts in the Theranos fraud case.

The ex-boyfriend of Theranos founder Elizabeth Holmes is guilty on 12 counts with charges on wire fraud and conspiracy to commit wire fraud, our sister-station KGO reports.

The 12 jurors found Balwani, 57, guilty on all felony counts of defrauding both Theranos investors and the patients who relied on wildly unreliable blood tests that could have jeopardized their health.

Jurors began deliberating last week.

The trial comes after Holmes, 38, was convicted on four counts of investor fraud and conspiracy earlier this year out of 11 charges.

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During that trial, Holmes tearfully accused Balwani of sexually emotionally abusing her while they were lovers. An attorney for Balwani has vehemently denied those charges.

Both Holmes and Balwani face up to 20 years in prison.

Holmes is scheduled to be sentenced in late September. The date of Balwani's sentencing is expected to be set in the coming days.

The dual convictions representing a resounding victory for federal prosecutors, who seized on the Theranos case as a rare opportunity to hold ambitious entrepreneurs accountable for engaging in technological hyperbole while pursuing fame and fortune. In the process, they hoped to discourage the practice of making bold and unproven promises about still-nascent products -- a startup strategy known as "fake it until you make it."

After the verdicts were read and the jury was dismissed, Balwani walked over to his two brothers who were sitting behind him for what appeared to be a solemn discussion. The three sat quietly, heads bowed.

The Associated Press contributed to this report.

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