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Balwani Trial Coming to Close

The trial of Ramesh "Sunny" Balwani, the former president of Theranos, is heading to closing arguments today, according to the Associated Press.

Theranos, which was once valued at $9 billion, unraveled and Balwani and Elizabeth Holmes, the company's founder and former CEO, were indicted on wire fraud charges, as prosecutors alleged that they aimed to defraud investors in the company.

During his trial, Balwani's lawyers have described him as investor and entrepreneur who became chief operating officer in 2010 and then got pulled into the deception by Holmes, who he was also dating, the AP says. It adds that the lawyers noted that Balwani put $15 million into the company, an investment that was at one point was worth $500 million, before it was lost as the company failed. Prosecutors, however, have depicted Balwani as an accomplice who papered over flaws in the firm's blood-testing technology.

Holmes was convicted in March on three counts of wire fraud and one count of conspiracy to commit wire fraud. During her trial, Holmes alleged that Balwani abused her, allegations he has denied.

The AP noted she is awaiting sentencing and could face up to 20 years in prison, a term that Balwani could, if convicted, also face.

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