Theranos Inc.'s Partners in Blood

Much of the attention has focused on Theranos founder Elizabeth Holmes. But another character played a central role behind the scenes in the alleged fraud: Ms. Holmes's boyfriend, Ramesh "Sunny" Balwani, according to more than three dozen former Theranos employees who interacted with Mr. Balwani extensively over a number of years. Mr. Balwani, who met Ms. Holmes when she was a teenager, jointly ran the company with her for seven years as president and chief operating officer and enforced a corporate culture of secrecy and fear until his departure in the spring of 2016, the former employees say. Unlike Ms. Holmes and Theranos, who reached a settlement with the SEC to resolve the agency's civil charges in March without admitting or denying wrongdoing, Mr. Balwani has denied separate charges the SEC filed against him in a parallel action and is fighting them in a California federal court. A spokeswoman for Mr. Balwani provided a statement from his lawyer, Jeffrey B. Coopersmith, saying Mr. Balwani accurately represented Theranos to investors to the best of his ability, worked hard to maximize shareholder value and took on significant risk investing in the company while never benefiting financially from his work.