Elizabeth Holmes’ prison sentence cut by 2 years

Posted at 7:55 AM, July 11, 2023 and last updated 8:05 PM, July 13, 2023

By Alex Arger

(Scripps News) — Elizabeth Holmes, the disgraced founder of blood testing company Theranos, is now scheduled to be released from prison on Dec. 29, 2032, according to records from the Bureau of Prisons. That’s two years off her initial sentence.

Elizabeth Holmes, left, is escorted by prison officials into a federal women’s prison camp

Disgraced Theranos CEO Elizabeth Holmes, left, is escorted by prison officials into a federal women’s prison camp on Tuesday, May 30, 2023, in Bryan, Texas.  (AP Photo/Michael Wyke)

Holmes began her 11-year-and-three-month sentence at a minimum-security women’s prison camp, Federal Prison Camp Bryan, in Texas on May 30. With the Bureau’s updated date, the now 39-year-old will have instead served nine years, six months and 29 days at the time of her release.

It’s not clear why Holmes’ term was shortened; the Bureau did not respond to a request for comment by Scripps News. But inmates can be released early for a variety of reasons like good conduct, jail-time credit, program completion and more.

The former CEO was convicted last year on counts of conspiracy and fraud related to her company, Theranos. Holmes had claimed the company’s groundbreaking technology could run hundreds of medical tests with just a finger prick and a drop of blood, though the technology actually couldn’t produce accurate results. The false claims earned the company nearly $1 billion in funding, but they also contributed to Holmes’ trial, in which prosecutors accused her of defrauding investors out of more than $700 million.

She continued to deny the crimes during trial, though she admitted to making mistakes during the company’s run. She and former Theranos COO Ramesh “Sunny” Balwani were ultimately ordered to pay $452 million in restitution to the defrauded investors.

Holmes has been ordered to pay up to $250 per month to Theranos’ victims, though her attorneys argued she shouldn’t have to pay due to “limited financial resources.” They did appear not to object to a request she pay $25 each quarter while in prison as part of her restitution payments.

It’s possible Holmes could hold a job at the prison camp, making wages likely under $2 per hour.

This story was originally published by Scripps News, an E.W. Scripps Company.