OAN’s Geraldyn Berry
11:34 AM – Tuesday, July 11, 2023
According to the Bureau of Prisons, convicted ex-Theranos CEO Elizabeth Holmes may be released from prison two years earlier than expected.
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Additional details about Holmes’ early release had been withheld, citing “privacy, safety, and security reasons.”
Holmes, who started serving her 11-year and three-month sentence in a minimum-security, federal women’s prison camp, Federal Prison Camp Bryan, located in Bryan, Texas on May 30th with a new expected release date of December 29, 2032, effectively reducing her sentence by approximately two years.
A spokesperson for the Bureau of Prisons stated that inmates can earn Good Conduct Time (GCT), which is factored into their projected release date. Additionally, inmates can earn time credits through participation in prison programs and other factors. These calculations are standard procedures applied to all inmates, including Holmes.
In May, her request to remain free on bail while appealing her conviction was denied by an appellate court.
At its peak, Theranos, a medical diagnostics company that sought to diagnose a range of medical conditions with just a pinprick of blood, was valued at $9 billion. An investigation by the Wall Street Journal in 2015 exposed the company’s deceptive practices.
It was revealed that Theranos had performed only a small fraction of the tests it claimed to offer using its proprietary technology, and the accuracy of those tests was questionable. Furthermore, it was discovered that Theranos relied on third-party devices from established blood testing companies instead of its own technology.
The Securities and Exchange Commission accused Holmes and Theranos Chief Operating Officer Ramesh “Sunny” Balwani of securities fraud in March 2018.
A jury found her guilty on four felony fraud counts connected to a loss to victims of at least $120 million after a protracted trial that captured Silicon Valley’s attention. Overall losses exceeded $800 million, according to the prosecution.
Her former partner received a sentence of almost 13 years in jail after being found guilty on 12 charges of fraud and conspiracy.
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