Yahoo Finance Ex-Theranos CEO Elizabeth Holmes to be released from prison 2 years early
Convicted ex-Theranos CEO Elizabeth Holmes is now scheduled for early release, online records show.
In November 2022, the California former biotechnology entrepreneur was sentenced to 11 years and three months for defrauding investors in the failed Silicon Valley startup that sought to revolutionize blood testing.
On Tuesday, Federal Bureau of Prisons records showed Holmes sentence was reduced to nine years with a scheduled release date of Dec. 23, 2032 − meaning she will be released two years early.
Holmes, 39, reported to a minimum-security, federal women’s prison camp located in Bryan, Texas, on May 30.
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Why is Elizabeth Holmes getting out early?
A spokesperson for the federal agency confirmed the reduction to USA TODAY on Tuesday but said they could not provide additional details about Holmes' slated early release citing "privacy, safety, and security reasons."
According to a statement from the federal agency, some inmates are eligible for release early via court orders such as a compassionate release due to old age and medical conditions or clemency.
Inmates can also have their sentences reduced for good conduct, including completing job assignments and completing substance abuse program courses, the Bureau of Prisons said in a statement.
Gained time can also be revoked over disciplinary concerns or other infractions, the agency said.
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What was Elizabeth Holmes convicted of?
Holmes, convicted in January 2022, dropped out of Stanford University at 19 to start Theranos − a medical diagnostics company in 2003. It's mission: a blood test requiring only a pinprick of blood, enough to run dozens of medical tests on the startup's hi-tech machines.
The company grew to be worth more than $9 billion, employing more than 800 employees – attracting investors including Larry Ellison, founder of Oracle; Rupert Murdoch, billionaire media mogul; and the Walton family, who founded Walmart.
Holmes and her colleague and former romantic partner Ramesh “Sunny” Balwani, lied about the technology, the company's finances, and its partnerships with the Department of Defense and Walgreens, indictments show.
In a lengthy trial that captivated Silicon Valley, a jury found her guilty on four felony fraud counts associated with a loss to victims of at least $120 million. In all, total losses surpassed $800 million, prosecutors said.
Her former partner was convicted on 12 counts of fraud and conspiracy and sentenced to about 13 years in prison last year following a separate trial.
Balwani is also on track for an early release from prison, according to the Bureau of Prisons. His projected release date is April 1, 2034, nearly 11 years after he began his sentence at a Southern California prison.
Both Holmes and Balwani, 57, are hoping to get out even earlier as their lawyers pursue appeals seeking to overturn their respective convictions.
Contributing: Mike Snider, USA TODAY; Associated Press
Natalie Neysa Alund covers breaking and trending news for USA TODAY. Reach her at nalund@usatoday.com and follow her on Twitter @nataliealund.
This article originally appeared on USA TODAY: Ex-Theranos CEO Elizabeth Holmes' prison sentence reduced by 2 years
