Former Theranos founder, Elizabeth Holmes entered prison at the Federal Prison Camp in Bryan, Texas in May to begin serving her 11-year sentence for her crimes associated with Theranos’ fraud.
This month, Elizabeth’s prison sentence was shortened by two years, meaning her sentence is just 9 years.
Holmes was charged for deceiving investors and patients at blood-testing startup Theranos. She claimed she had invented a blood-testing startup touted to be able to test for hundreds of diseases with a single drop of blood, which wasn’t true.
She Holmes will also face three years of supervised release after her sentence ends and has been ordered to pay $452m in restitution to victims of the fraud. A judge delayed those payments due to her “limited financial resources.”
Her attorneys have appealed her conviction, and proceedings for that process have been underway while she serves her sentence.
Ramesh “Sunny” Balwani, Holmes’ ex-boyfriend, received a similar reduction to his sentence. Balwani was originally sentenced to nearly 13 years in prison, but his sentence was reduced by two years, and he is now set to serve 11 years.
[social_warfare]