Theranos founder Elizabeth Holmes gets prison sentence slashed by nearly 2 years
In January 2022, a jury found Holmes guilty of 4 counts of fraud and conspiracy and a judge ordered her to pay back $452M in restitution to victims
Elizabeth Holmes unlikely to ever repay investors: Ira Lee Sorkin
Mintz & Gold partner Ira Lee Sorkin discusses the Elizabeth Holmes fraud case as the former Theranos founder reports to prison on 'The Claman Countdown.'
Elizabeth Holmes, the 39-year-old founder of Theranos who was sentenced to serve over 11 years behind bars on multiple counts of fraud, had her sentence reduced by nearly two years, according to prison records.
According to the Bureau of Prisons’ website, Holmes will be released from Federal Prison Camp Bryan — a women-only low-level security facility located in Bryan, Texas — on Dec. 29, 2032, just over 9.5 years after she checked into the prison on May 30.
The new sentence has Holmes serving about 20 months fewer than her initial 11-year, 3-month sentence.
In Jan. 2022, a jury found Holmes guilty of four counts of fraud and conspiracy. The tech executive was initially indicted on 11 charges before she was acquitted of four. The jury could not reach a verdict on the remaining three.
ELIZABETH HOLMES IN PRISON: WHAT LIFE IS LIKE INSIDE TEXAS FACILITY
Former Theranos CEO Elizabeth Holmes is slated to be released from prison nearly two years early, according to prison records. (Philip Pacheco/Getty Images / Getty Images)
Fox Business reached out to the Federal Bureau of Prisons, who confirmed the projected release date but did not disclose additional details.
"For privacy, safety, and security reasons, our office does not comment on the conditions of confinement for any inmate, including release planning or release plans. However, we can provide the following general information," the Federal Bureau of Prisons told Fox Business.
ELIZABETH HOLMES REPORTS TO PRISON, BEGINS 11-YEAR SENTENCE
The Bureau said inmates are eligible to earn good conduct time that can impact the projected release date. Certain inmates are also given the opportunity to participate and complete recidivism programs as well as drug abuse programs which help inmates release early.
Holmes is appealing her conviction to the Ninth Circuit Court of Appeals, which denied her request in May to remain free while it considers her case.
Federal Prison Camp Bryan in Bryan, Texas. (Sergio Flores/Bloomberg via Getty Images / Getty Images)
Holmes quickly rose to stardom in Silicon Valley after she dropped out of Stanford University to launch Theranos at the age of 19. She amassed hundreds of millions of dollars, boasting to investors that her company could successfully diagnose many diseases with drops of blood.
The empire she built came crashing down in 2015, however, after the Wall Street Journal reported her company was not using innovation, but traditional machines for its testing. The outlet also reported flaws in the diagnostics, further stifling her company’s claims.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Holmes was indicted in 2018 alongside Theranos chief operating officer and former boyfriend Ramesh "Sunny" Balwani, who was found guilty of 12 counts of fraud.
Sunny Balwani, ex-boyfriend of Theranos founder Elizabeth Holmes, was found guilty of all charges against him for his role in the collapse of the $9 billion blood-testing startup. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
Judge Edward Davila of the United States District Court for the Northern District of California sentenced both Holmes and Balwani, ordering them to pay some $452 million in restitution to the victims of their crimes.
Fox Business’ Breck Dumas contributed to this report.