Theranos Founder Elizabeth Holmes’ Prison Sentence Reduced From 11 To Nine Years

Theranos founder Elizabeth Holmes’s prison sentence has been reduced by two years while she is currently serving her sentence for fraud. 

Her updated release date is December 29, 2032. She was originally sentenced to 11 years and three months in jail in the Texas prison. 

No reason was cited as to why her sentence was reduced, but possible reasons include good behavior, credits earned in programs and activities or completion of programs on substance abuse. 

Holmes was found guilty of four counts of wire fraud when she deceived patients and doctors into using her company Theranos, which is now defunct, for blood tests, even though she was aware that the company did not produce accurate results. In addition to this, she was accused of defrauding more than $700 million from her investors with the claims she had made up. 

Holmes and former COO Ramesh Balwani were both ordered to pay restitution of up to $452 million for the investors they swindled. 

One of the investors they owe is Rupert Murdoch, who owns Fox News. The two are required to pay just Murdoch $175 million, while the rest of the money will be paid to the other investors. This includes $40 million owed to Walgreens and $14.5 million owed to Safeway. 

Balwani is currently in prison for conviction of felonies from a different trial. 

Holmes must start settling her restitution through monthly payments of $250. Her lawyers have asserted that this will be difficult for her because of “limited financial resources.” Due to this, the judge allowed Holmes to begin her payments after she’s served her nine years in prison. 

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Holmes has been spotted multiple times in the Federal Prison Camp in Bryan, Texas. She appeared visibly upset as if she had been crying while wearing a brown t-shirt and sweatpants.

In another appearance, Holmes’ husband, Billy Evans, and her family visited her where she was again seen crying. One photo was snapped showing Holmes touching Evans’s finger, which is against prison policy.