Balwani was found guilty on 10 counts of wire fraud and two counts of conspiracy to commit wire fraud for misleading investors about the financial health of the healthcare startup. He faced up to 20 years in prison for each count.
Holmes, who was found guilty in January on three counts of investor fraud and one count of conspiracy to commit fraud related to her blood-testing startup, faced up to 20 years in prison for each guilty count.
Balwani was charged with 10 counts of wire fraud and two counts of conspiracy to commit wire fraud for misleading investors.
The disgraced former founder and CEO of Theranos faces decades in prison.
There are also reports that Elizabeth Holmes, as part of her defense, may argue ex-boyfriend and former Theranos President Sunny Balwani abused her during their relationship.
The hot issues are related to compliance, EU MDR and recalls.
The disgraced former CEO once oozed total confidence about her company and product, and in latest released footage says “I don’t know” more than 600 times during a 2017 deposition.
The Wall Street Journal reports that the scandal-ridden company will dissolve after failing to sell itself, and investors will lose nearly $1 billion.
The disgraced company founder Holmes and its former President Sunny Balwani have been charged with raising more than $700 million from investors in a massive fraud scheme.
The settlement is one of a few that the company has made within the past several months.