Elizabeth Holmes, the once-upon-a-time promising innovator and founder of Theranos, has reduced her prison sentence once again, according to new records. She will now be released on 16 August 2032 instead of December 29, 2032, a reduction of more than four months, as updated on the United States Bureau of Prisons’ website. With this updated release date, Holmes would have served just over nine years at her release instead of the original 2022 order of 11 years and three months.
This is the second time her sentence has been shortened within one year. The Bureau’s website had earlier shown Holmes’s release date as almost two years before time. No reason has been revealed for the latest reduction of four months. However, it could be due to the credits and programs available within the prison system. The system allows inmates to earn time credit for good behavior and participation in rehabilitation packages for “prerelease custody,” meaning they will be allowed to serve the remainder of their sentence in a halfway house or home confinement.
The 40-year-old’s conviction stemmed from defrauding traders and misleading the general public about her start-up Theranos’s capabilities. She was found guilty of four counts of wire fraud.
Theranos, created by Holmes after she dropped out of Stanford University, was reportedly worth $9 billion as a company that boasted a groundbreaking mission: to diagnose various medical conditions with merely a drop of blood. It claimed to revolutionize blood checking with its proprietary technology that promised correct sugar level results.
However, Theranos provided inaccurate results that had detrimental effects on numerous patients. Investigations revealed the technology was fraudulent, which doubted Holmes’s credibility and Theranos’s integrity.
Holmes’s former partner and Theranos’s co-executive, Sunny Balwani, faced similar legal repercussions in a separate trial. For his role in the scheme, Balwani received a 13-year prison sentence, which was reduced by two years.
The Holmes-Theranos saga unfolds as Holmes’s lawyers attempt to overturn her conviction. The appeal’s oral arguments will be heard on June 11 in a San Francisco court.
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