Elizabeth Holmes is to projected to leave prison two years earlier than the 11-year sentence assigned her, federal prison records show.
O’Cone added that every inmate earns up to 45 days of good conduct time for each year served. Inmates can also earn time credits by participating in certain recidivism reduction programs.
Holmes rose to prominence as a health-care innovator, only to fall from grace when the Wall Street Journal revealed in 2015 that her technology did not work. In 2022, she was convicted on fraud and conspiracy charges and sentenced to more than 11 years in prison. Holmes, 39, reported to the federal prison camp in Bryan, Texas in late May, joining around 650 other female inmates.She founded Theranos in 2003 while a student at Stanford University and later dropped out.
But the start-up unraveled, along with Holmes’ reputation, after the Journal’s reporting cast doubt on the company’s claims about its technology. In 2018 Theranos shuttered amid multiple regulatory investigations. Holmes, along with her former business partner, Sunny Balwani, was later convicted on fraud charges.
Holmes and Balwani were made jointly responsible for making $452 million in restitution payments, but her attorneys said in a recent court filing that she has “limited financial resources” and couldn’t afford to pay the victims of her fraud $250 per month as required. Although her wealth was once estimated as high as $4.5 billion, her attorneys claim she has “essentially no assets of meaningful value” following the collapse of Theranos.
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