The claim
Theranos's blood-testing device could run comprehensive medical panels from a single finger-prick.
Made in: Investor presentations, partner meetings, and regulatory filings
The proof
Balwani, Theranos's co-CEO and president, was separately tried and convicted on all twelve counts of fraud. Trial evidence showed the device was a fraud and most tests were run on conventional machines.
The record
United States v. Balwani — U.S. District Court for the Northern District of California · No. 5:18-cr-00258-EJD-2
Outcome: Convicted on all twelve counts of wire fraud and conspiracy (December 2022); sentenced to 12 years and 11 months
A jury or judge found fraud or false statements proven beyond a reasonable doubt at trial.
Balwani was tried separately from Holmes and received a longer sentence. He was found to have personally directed and participated in the fraud.