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It has been revealed that disgraced Theranos founder and former CEO Elizabeth Holmes has had her 11-year prison sentence reduced by two years.
Holmes checked in to Texas' female-only Federal Prison Camp Bryan on May 30 after being found guilty on multiple counts of fraud.
According to the New York Post, updated Bureau of Prison records show Holmes' sentence now sitting at nine years, six months, and 29 days.
While the Bureau did not reveal why the change had been made, such decisions typically come due to good behavior, time credits earned via prison activities, or other accomplishments that signal an inmate has matured since their arrival.
Holmes, who was caught saying "they don't put pretty people like me in jail," was indicted in 2018 on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. She was found guilty and sentenced four years later.
Prior to the downfall of Theranos, Holmes had an estimated net worth of $4.5 billion. Forbes recently reduced that number to zero. She acknowledged that she will "have to work for the rest of [her] life" to repay the people she defrauded, starting during her time in prison, where she will have the chance to work for a maximum wage of $1.15 per hour.
Included on the list of those entitled to $400 million in restitution from Holmes are Rupert Murdoch, Black Diamond Ventures, and former Secretary of Education Betsy DeVos. Former Theranos operating chief Ramesh "Sunny" Balwani was also found guilty of fraud, sentenced to 13 years in prison, and ordered to pay the people he helped defraud.
This is a breaking story and will be updated.
Holmes checked in to Texas' female-only Federal Prison Camp Bryan on May 30 after being found guilty on multiple counts of fraud.
According to the New York Post, updated Bureau of Prison records show Holmes' sentence now sitting at nine years, six months, and 29 days.
While the Bureau did not reveal why the change had been made, such decisions typically come due to good behavior, time credits earned via prison activities, or other accomplishments that signal an inmate has matured since their arrival.
Holmes, who was caught saying "they don't put pretty people like me in jail," was indicted in 2018 on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. She was found guilty and sentenced four years later.
Prior to the downfall of Theranos, Holmes had an estimated net worth of $4.5 billion. Forbes recently reduced that number to zero. She acknowledged that she will "have to work for the rest of [her] life" to repay the people she defrauded, starting during her time in prison, where she will have the chance to work for a maximum wage of $1.15 per hour.
Included on the list of those entitled to $400 million in restitution from Holmes are Rupert Murdoch, Black Diamond Ventures, and former Secretary of Education Betsy DeVos. Former Theranos operating chief Ramesh "Sunny" Balwani was also found guilty of fraud, sentenced to 13 years in prison, and ordered to pay the people he helped defraud.
This is a breaking story and will be updated.
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