The federal jury concluded that Balwani conspired to defraud Theranos Investors and patients, and he faces a possible 20-year sentence.

A San Jose jury on Jan. 3 found Theranos CEO Elizabeth Holmes guilty of four federal charges for defrauding investors, but not guilty of four charges related to defrauding patients.  Holmes, founder and CEO of the now-defunct blood-testing company, had been charged with 11 counts related to lying to investors, doctors and patients.   

A federal jury had returned 28 convictions of Michael Kail of Los Gatos onfraud and money laundering for payments from tech startups seeking Netflix contracts.

Manish Lachwani, CEO of Headspin until 2020, overstated revenue when he sought money from investors, the U.S. Attorney said.