Sunny Balwani convicted in Theranos fraud trial

Sunny Balwani, a former executive at Theranos, was convicted on federal fraud and conspiracy charges on Thursday stemming from his leadership of the Silicon Valley start-up that crashed spectacularly. 

The jury convicted Balwani of all 10 counts of fraud and two counts of conspiracy. Balwani, the ex-chief operating officer at Theranos, faces a sentence of up to 20 years in prison.

Attorneys for Balwani told KTVU in a statement, "We are obviously disappointed with the verdicts. We plan to study and consider all of Mr. Balwani’s options including an appeal."

Balwani is the ex-boyfriend of Elizabeth Holmes, the founder of Theranos who was convicted of four counts of fraud and conspiracy in January for misleading investors and patients about the technology used in blood-testing equipment. 

Unlike Holmes, who testified for days in her criminal trial, Balwani never took the witness stand. Holmes' defense had argued that Theranos' allegedly innovative technology was a failure, but not an example of corporate fraud. Balwani's team took a different approach, arguing that the US government didn't have data showing the accuracy of Theranos' tests. 

Balwani, wearing a dark suit and tie, showed no obvious reaction while the verdict was read. His brother was seated in the courtroom two rows behind him. 

The jury began deliberating on June 24 after a three-month-long trial.

The company had touted its technology as a game-changer in the world of biotech, but the devices didn't work.

Holmes is due to be sentenced in September and faces up to 20 years in prison.

Reporters Mark Sayre and Evan Sernoffsky contributed