The prison term of fallen US biotech star Elizabeth Holmes has been lowered by two years. According to prison records, the development comes only weeks after she claimed she couldn’t make restitution payments to victims of the failing blood-testing startup.
Last year, Homes was sentenced to 11 years and three months in ja!l after being found guilty on four counts of fraud and conspiracy. She started her prison sentence in May of this year. However, Bureau of Prisons data, Holmes will be released on December 29, 2032, two years earlier than originally planned.
Here is a tweet about the CEO Elizabeth Holmes arrives at the Texas prison where she’ll serve her 11-year. Yu can check it below:
Disgraced Theranos CEO Elizabeth Holmes arrives at the Texas prison where she’ll serve her 11-year sentence for overseeing a blood-testing hoax that garnered national attention.https://t.co/fhOVVYa0b0 pic.twitter.com/uNYDv7CcIA
— The Associated Press (@AP) May 30, 2023
She is being held in the federal women’s minimum-security ja!l in Bryan, Texas. According to Forbes, her revised release date means she will serve around nine years and seven months.
It’s unclear why her prison sentence was lowered. The Bureau of Prisons verified the revised release date to The Guardian but declined to speak further, citing “privacy, safety, and security” of the inmate.
The decrease of ja!l time is in compliance with federal sentencing rules, which dictate that persons convicted of federal offenses must serve 85 percent of their mandatory term, even if they earn time off for good behavior.
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Ramesh “Sunny” Balwani, Holmes’ ex-boyfriend and former Theranos COO, was also convicted of fraud and sentenced to prison in California. However, his sentence was also reduced.
After an investigation by The Wall Street Journal (WSJ), the Theranos founder was convicted in January 2022 for convincing investors over a 15-year period that she had built a revolutionary medical gadget.
High-profile investors in the corporation included Rupert Murdoch, the Walton family, and former Education Secretary Betsy DeVos. She was even praised as the next tech visionary on magazine covers and received mounds of cash from investors, but it all came crashing down when the WSJ found the devices did not perform as claimed.
Prosecutors claim she defrauded investors from 2010 to 2015 by claiming Theranos Inc’s technology could do several tests on a single drop of blood from a finger prick. Theranos was eventually liquidated in September 2018.
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