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HomeCrimeTheranos founder Elizabeth Holmes gets two years reduced from her 11-year prison...

Theranos founder Elizabeth Holmes gets two years reduced from her 11-year prison sentence

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Theranos founder Elizabeth Holmes had reported to a federal prison in Texas on May 30 to serve an 11-year and three months prison sentence. She was charged with wire fraud along with partner and chief operating officer Ramesh “Sunny” Balwani. The Bureau of Prisons recently updated her release date, which is shorter by two years, when compared to the original prison sentence.

An update on the Bureau of Prisons website shows that Elizabeth Holmes is expected to be released on December 29, 2032. This is almost two years ahead of schedule. The Bureau of Prisons confirmed the earlier projected release date but would not provide additional information due to “privacy, safety and security reasons.”

In January 2022, Theranos founder Holmes was found guilty on four counts of wire fraud. The Theronos COO Ramesh Sunny Balwani received a harsher sentence of almost 13 years in prison. Both of them were charged with securities fraud by the Securities and Exchange Commission (SEC), in March 2018.

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In 2003, Elizabeth Holmes dropped out of Stanford and founded Theranos. The startup was described as a company that would diagnose a series of medical conditions using only a pinprick of blood. Needless to say, the claims were far-fetched, and the company was unable to fulfill its lofty promises. It delivered faulty results that affected thousands of patients.

 

When Elizabeth Holmes founded Theranos, she was hailed as a brilliant entrepreneur and became a poster girl of Silicon Valley. Theranos’ founder Holmes attracted funds from high profile individuals including Rupert Murdoch, members of the Walton family, former Education Secretary Betty DeVos and others.

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Elizabeth Holmes added former influential Americans to the Theranos board including former secretaries of state, former senators and a former Defense secretary. However, the foundation of the company was built on an imaginary ideal instead of sound scientific principles and the startup collapsed while Theranos founder CEO Elizabeth Holmes, 39 and COO Ramesh Balwani were disgraced. They are now facing prison sentences and have also been asked to pay restitution for overseeing an infamous blood testing technology that was a hoax.

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Elizabeth Holmes Sentenced to 11 + Years For Theranos Fraud: Will Appeal In April 2023

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