The daily business briefing: July 8, 2022

A jury finds former Theranos CFO guilty of fraud, GameStop fires CFO in turnaround push, and more

Ramesh "Sunny" Balwani
(Image credit: David Paul Morris/Bloomberg via Getty Images)

1. Jury finds former Theranos CFO guilty of fraud

A jury on Thursday found former Theranos executive Ramesh "Sunny" Balwani guilty of working with disgraced Theranos CEO Elizabeth Holmes to defraud investors and patients by making false promises about their company's unreliable blood tests. The 12 jurors found Balwani guilty on all 12 felony counts. Holmes was found guilty on four of 11 fraud counts earlier this year in her trial, in which she accused Balwani of sexually and emotionally abusing her when they were lovers, and manipulating her. Balwani's lawyers tried to shift the blame onto Holmes, once a rising star in Silicon Valley and the face of the company's effort to woo investors. Both Holmes, 38, and Balwani, 57, could be sentenced to up to 20 years in prison.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.