U.S. jury convicts Theranos' Sunny Balwani of fraud

Balwani and Holmes were charged in 2018 with lying to investors about the company's finances and its machines' ability to run a broad range of tests from a few drops of blood. Prosecutors also charged the pair with duping patients about the tests' accuracy.

A U.S. jury on Thursday convicted former Theranos Inc President Ramesh "Sunny" Balwani of defrauding investors and patients about the blood testing startup that was once valued at $9 billion.

Balwani was convicted on two counts of conspiracy and 10 counts of fraud, a spokesman for the U.S. attorney's office confirmed. The jury in San Jose, California, handed down its verdict after deliberating for a little more than five days.

Theranos founder Elizabeth Holmes, who initially faced the same charges, was convicted on three counts of fraud and one count of conspiracy at a separate trial in January. Balwani and Holmes were charged in 2018 with lying to investors about the company's finances and its machines' ability to run a broad range of tests from a few drops of blood. Prosecutors also charged the pair with duping patients about the tests' accuracy.