Tuesday, 28 May, 2024
HomeMedico-LegalTwo years sliced off Theranos fraudster’s prison term

Two years sliced off Theranos fraudster’s prison term

The 11-year sentence for Theranos founder and convicted fraudster Elizabeth Holmes has been shortened by two years, according to a website update of the US Bureau of Prisons, which now gives her release date as 12 December 2032, two years earlier than first scheduled.

A spokesman for the federal agency confirmed the change but could not comment further, citing “privacy, safety, and security reasons” for inmates, reports The Guardian

Holmes began serving her time in a minimum-security, federal women’s prison camp in Texas on 30 May after being convicted in November 2022 on four counts of defrauding investors. She was sentenced to 11 years and three months.

Her new release date means she will instead serve about nine years and seven months.

She had been out on bail since her indictment on fraud charges in 2018 over her role as the head of the failed blood-testing firm. During that time, she had two children with her partner, Billy Evans.

The sentencing change comes after Holmes’ co-conspirator, Sunny Balwani, also saw two years shaved off his 13-year sentence, with his projected date of release now 1 April 2034.

Holmes and Balwani were convicted in separate trials for their actions at the head of Theranos, the multibillion-dollar biotech company that collapsed after its technology was found to be largely fraudulent.

Holmes will also face three years of supervised release after her sentence ends and has been ordered to pay $452m in restitution to victims of the fraud, though a judge has delayed those payments due to her “limited financial resources”.

 

The Guardian article – Elizabeth Holmes’ 11-year prison sentence shortened by two years (Open access)

 

See more from MedicalBrief archives:

 

Prison for Theranos founder, who must pay back millions

 

Theranos fraudster pleads for leniency as 11-year sentence looms

 

Convicted Theranos CEO a flight risk, say prosecutors opposing appeal

 

 

 

 

 

 

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