Biotech
Tuesday, May 7th, 2024 2:47 pm EDT
Key Points
- Elizabeth Holmes, the former CEO of Theranos, has had her prison sentence reduced, resulting in a release date of August 16, 2032, two years earlier than previously expected.
- Holmes was sentenced to 135 months in prison for defrauding investors of hundreds of millions of dollars, entering prison in May 2023.
- Factors contributing to the reduction in Holmes’ sentence include “good conduct time” and time credits earned through participation in various prison programs, aimed at reducing recidivism and easing prison populations.
Elizabeth Holmes, the former CEO of Theranos, has had her prison sentence reduced, with a current release date of August 16, 2032, according to federal records. This is two years earlier than initially expected, as her previous release date was set for December 29, 2032. Holmes, now 40, entered prison in May 2023 after being sentenced to 135 months for defrauding investors of hundreds of millions of dollars. The Bureau of Prisons (BOP) cited factors such as “good conduct time” and time credits earned through completing prison programs as reasons for the reduction in her sentence. Time credits, awarded for participation in various educational and behavioral programs, can lead to early release or transfer to pre-release custody, such as halfway houses or home confinement. While supporters argue that these measures help reduce harsh sentences, there has been scrutiny over their calculation. Holmes is serving her sentence at FPC Bryan, where Jen Shah, a former reality TV star, is also incarcerated for federal wire fraud. Holmes’ appeal is set to be heard in June, alongside that of Theranos’ former COO, Ramesh “Sunny” Balwani, who was sentenced to nearly 13 years in prison. Despite attempts to remain free on bail during her appeal, Holmes was denied, and her case remains emblematic of the deceptive practices of certain startups during the early 2000s tech boom.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/07/elizabeth-holmes-sees-more-months-trimmed-from-prison-release-date.html
