Elizabeth Holmes is to projected to leave prison two years earlier than the 11-year sentence assigned her, federal prison records show.
English
Elizabeth Holmes’s Release Date Expected to be Shortened by 2 Years
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O’Cone added that every inmate earns up to 45 days of good conduct time for each year served. Inmates can also earn time credits by participating in certain recidivism reduction programs.
Holmes rose to prominence as a health-care innovator, only to fall from grace when Wall Street Journal reporting in 2015 cast serious doubts on the company’s claims that it could run a multitude of tests from just a couple of drops of blood. In 2022, she was convicted on fraud and conspiracy charges, and sentenced to more than 11 years in prison.
She founded Theranos in 2003 while a student at Stanford University but later dropped out. The company raised hundreds of millions of dollars from prominent U.S. statesmen and Silicon Valley investors, and at its height was thought to be worth as much as $9 billion.
But it shuttered in 2018 amid multiple regulatory and media investigations, and Holmes’s image as Silicon Valley power player dissolved. Her story instead became a parable of the perceived greed and grow-at-all-costs mind-set in the technology sector. The saga of Theranos has now been captured in a best-selling book, a Hulu series and an HBO documentary.
During a three-month trial that began in September 2021, Holmes insisted that she never intentionally deceived her company’s investors and business partners. Jurors nevertheless found her guilty of multiple counts wire fraud and conspiracy to commit wire fraud. Holmes, 39, reported to the federal prison camp in Bryan, Tex., in late May, joining around 650 other female inmates.
It’s unclear why the Bureau of Prisons is projecting that Holmes will be released after a shorter duration. Her lawyers did not immediately respond to a request for comment.
Holmes is appealing her conviction, as is Ramesh “Sunny” Balwani, her former business and romantic partner. He was found guilty of 12 counts of conspiracy to commit wire fraud and wire fraud in a separate trial.
Holmes and Balwani were made jointly responsible for making $452 million in restitution payments, but her attorneys said in a recent court filing that she has “limited financial resources” and couldn’t afford to pay the victims of her fraud $250 per month as required.
Although her wealth was once estimated as high as $4.5 billion, her attorneys claim she has “essentially no assets of meaningful value” following the collapse of Theranos.
