The Hill
Elizabeth Holmes Gets Reduced Prison Term For Theranos Scam
The ex-CEO of Theranos, Elizabeth Holmes, makes an appearance at a federal court in San Jose, California, on October 17, 2022.
Elizabeth Holmes, the creator of the once-defunct corporation Theranos, has been given a reduced jail term for her involvement in a deceitful blood-testing scandal where she promoted bogus assertions about her firm's technology.
The Hill has received confirmation from the Federal Bureau of Prisons that Holmes, aged 39, is expected to be released on December 29, 2032. This revised release date is slightly earlier than the initially scheduled one.
A representative from the Federal Bureau of Prisons declared that they are unable to provide any information about the circumstances of a prisoner's detention due to concerns regarding privacy, safety, and security. However, they did mention that each inmate has the opportunity to accumulate good behavior credits, which can affect their expected release date.
Holmes entered a federal correctional facility on May 30 in Bryan, Texas, to commence a sentence of 11 years for engaging in fraudulent activities and conspiring to deceive others about Theranos's blood-testing technology by providing misleading information.
The individual who left Stanford University before completing her studies promoted her previous venture by asserting that they possessed state-of-the-art technology capable of diagnosing different illnesses and ailments just by using a small amount of blood. Thanks to these assertions, the company managed to secure an astounding investment of almost $1 billion from various individuals and organizations.
In 2022, Holmes was found guilty of three instances of wire fraud targeting investors of Theranos, along with one count of conspiring to commit wire fraud. Her sentencing took place in November of the previous year.
Ramesh "Sunny" Balwani, Holmes's ex-lover and the person in charge of operations at Theranos, started serving his prison term of almost 13 years in April for his involvement in the deception.
The report was made possible by the contribution of The Associated Press.
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