Elizabeth Holmes’ 11-year prison sentence shortened by two years

By Al Mayadeen English
Source: News websites
11 Jul 2023 12:34

New reports show that Elizabeth Holmes’ 11-year prison sentence has been shortened by two years

In this Nov. 2, 2015, file photo, Elizabeth Holmes, founder and CEO of Theranos, speaks at the Fortune Global Forum in San Francisco. Just six years ago, Holmes seemed destined to fulfill her dream of becoming Silicon Valley's next superstar. (AP)

An update to Elizabeth Holmes' profile on the Bureau of Prisons website now projects her release date as 12 December 2032, two years earlier than previously planned. A federal agency spokesperson confirmed the update but declined to comment further, citing "privacy, safety, and security reasons" for inmates.

Holmes, the founder of Theranos, had reported to a federal women's prison camp in Bryan, Texas, on 30 May after being convicted on four counts of defrauding investors and sentenced to 11 years and three months in November 2022. Her new date of release means she will instead serve about nine years and seven months.

She had been released on bail since being charged with fraud in 2018 for her role as the CEO of the failed blood-testing company.

According to the Bureau of Prisons, inmates in the United States can have their sentences reduced for good behavior, which includes completing job assignments, following orders, and completing substance abuse programs and other rehabilitation courses. That gained time can also be revoked or forfeited due to disciplinary issues or other violations.

A request for comment from Holmes' lawyers was not immediately returned. Sunny Balwani, her co-conspirator, also had his 13-year sentence reduced by two years, with his projected release date now set for 1 April 2034, according to the Bureau of Prisons website.

In separate trials, Holmes and Balwani were convicted for their roles as CEOs of Theranos, a multibillion-dollar biotech company that collapsed spectacularly after Wall Street Journal and other reports revealed its technology to be largely fraudulent.

A request for comment from government lawyers for the prosecution teams was not immediately returned. After her sentence is completed, Holmes will be subject to three years of supervised release, and she has been ordered to pay $452 million in restitution to victims of the fraud, though a judge has delayed those payments due to her "limited financial resources."

Lawyers for Holmes have appealed her conviction, and proceedings for that process have been underway while she serves her sentence.