Theranos fraudster Elizabeth Holmes’ 11-year prison sentence reduced by 2 years: report

Elizabeth Holmes began her prison sentence in May this year.

The prison sentence of the late US biotech star Elizabeth Holmes has been reduced by two years, according to a forbes Report. Citing prison records, the outlet said the developments come weeks after she claimed she could not afford restitution payments to victims of a failed blood-testing start-up. Holmes was jailed for 11 years and three months last year after pleading guilty to four counts of fraud and conspiracy. He started his prison sentence in May this year.

But now, Bureau of Prisons records show Holmes’ release date as December 29, 2032, two years ahead of schedule.

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She is being held at a minimum security federal women’s prison in Bryan, Texas. Her new release date means she will serve almost nine years and seven months. According to forbes reports,

It is not clear why his prison sentence has been reduced. Bureau of Prisons confirms new release date Guardian but made no further comment, citing the “privacy, safety and security” of the inmate.

However, the outlet noted that the reduction in prison time is in line with federal sentencing guidelines, which state that those convicted of federal crimes must serve 85 percent of their mandatory sentence, even if they receive time off for good conduct. To be cut

Holmes’ ex-boyfriend and former Theranos COO Ramesh “Sunny” Balwani was also convicted of fraud and jailed in California. But his sentence was also reduced.

The Theranos founder was indicted in January 2022 for tricking investors into believing he had developed a revolutionary medical device for more than 15 years, before the company was shut down following an investigation. Wall Street Journal (WSJ),

The company attracted investment from high-profile moguls including Rupert Murdoch, the Walton family and former Education Secretary Betsy DeVos. He was also touted as the next tech visionary on magazine covers and raised huge amounts of cash from investors, but later it all collapsed. WSJ It turned out that the machines did not work as promised.

Prosecutors said he lied to investors from 2010 to 2015 by promising that Theranos Inc’s technology could perform multiple tests on a single drop of blood from a finger prick. Theranos eventually dissolved in September 2018.