According to online records,Theranos Elizabeth Holmes, the former CEO of Theranos who was convicted, is now set to be released earlier than expected. In November 2022, the ex-biotechnology entrepreneur from California was given a sentence of 11 years and three months for deceiving investors in her ill-fated Silicon Valley startup, which aimed to transform blood testing. However, recent information from the Federal Bureau of Prisons indicates that Holmes’ sentence has been reduced to nine years, resulting in a new release date of December 23, 2032. This adjustment means that she will be granted an early release of two years.
On May 30, Elizabeth Holmes, who is currently 39 years old, arrived at a federal women’s prison camp in Bryan, Texas. The facility is classified as minimum-security.
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Elizabeth Holmes is being released from prison ahead of schedule.
On Tuesday, a spokesperson for the federal agency informed USA TODAY that the reduction of Holmes’ sentence has been confirmed. However, due to reasons of privacy, safety, and security, the spokesperson could not provide further details regarding her slated early release.
As stated by the federal agency, certain inmates may be eligible for early release through court orders, such as compassionate release based on factors like advanced age or medical conditions, as well as clemency.
According to a statement from the Bureau of Prisons, inmates can also have their sentences reduced for displaying good conduct, which includes fulfilling job assignments and successfully completing programs related to substance abuse.
The agency further mentioned that gained time can be revoked in cases of disciplinary concerns or other violations.
Elizabeth Holmes was found guilty of various criminal charges.
In 2003, Holmes made the decision to leave Stanford University at the age of 19 in order to establish Theranos, a medical diagnostics company. The primary goal of the company was to develop a blood test that could effectively analyze numerous medical conditions using just a small amount of blood obtained through a pinprick. This innovative approach relied on advanced machinery created by the startup.
Theranos experienced significant growth, becoming valued at over $9 billion and employing a workforce of more than 800 individuals. Prominent investors such as Larry Ellison, the founder of Oracle, Rupert Murdoch, a billionaire media mogul, and the Walton family, known for founding Walmart, were drawn to the company’s potential.
However, Holmes, alongside her former romantic partner and colleague Ramesh “Sunny” Balwani, were found to have engaged in deceit regarding the technology, the company’s financial situation, and its purported partnerships with the Department of Defense and Walgreens. Subsequent indictments revealed the extent of their deception.
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During a high-profile trial that captivated Silicon Valley, Holmes was found guilty on four felony fraud charges, which were associated with losses exceeding $120 million for the victims. Prosecutors disclosed that the total losses surpassed $800 million.
Balwani, Holmes’ former partner, was convicted on 12 counts of fraud and conspiracy and subsequently received a prison sentence of approximately 13 years.
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