Federal prosecutors are seeking to have celebrity Elizabeth Holmes, the founder of Theranos, pay $250 per month to the victims of her failed blood testing startup once she is released from prison. However, Holmes’ attorneys are opposing this request, claiming that she has limited financial resources.
In the United States, it is not uncommon for convicted offenders to be ordered to pay restitution to victims, which includes compensating them for lost income, property damage, medical expenses, and other financial costs resulting from the crime.
Holmes, who is currently serving an 11-year sentence at a minimum-security facility in Texas for four fraud-related counts, has been convicted for deceiving investors and raising hundreds of millions of dollars for Theranos, along with her former partner, Sunny Balwani. They are charged with “deceptive representations about their company and its medical testing technology,” according to the justice department’s website.
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Prior restitution orders had merely called for $25-payment every three months while Holmes is housed in Bryan, Texas’s minimum-security prison. However, government prosecutors admitted last week that there had been a “clerical error” and suggested a different repayment schedule instead: $250 per month or at least 10% of her salary after she is released, whichever is higher.
While the U.S. government filed a motion requesting the court to correct “clerical errors” in the restitution order, Holmes’ legal team has objected to these changes. The prosecutors’ proposals were a monthly payment plan of $250 or at least 10% of Holmes’ income, whichever is higher, upon her release from prison. However, her attorneys argue that the judge had considered her limited financial resources during the sentencing and that no mistake was made.
Experts note that it is common for restitution payments to go unpaid in full, and courts often explore various avenues to collect at least a portion of the owed amount, such as freezing the defendants’ assets. Holmes has claimed that she is unable to afford even her legal bills and anticipates having to work for the rest of her life to pay for them.
The original restitution order requires the celebrity founder and Balwani to pay over $452 million in total, including $40 million to Walgreens, $14.5 million to Safeway, and $125 million to Rupert Murdoch. The disagreement between prosecutors and Holmes’ attorneys over the restitution payment plan is ongoing, and the court will ultimately decide on the appropriate resolution.
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