What was Elizabeth Holmes convicted of? Former Theranos founder's 11-year sentence reduced by 2 years

On July 11, several media outlets reported that according to online records, Theranos founder Elizabeth Holmes' 11-year prison sentence has been reduced by two years. Holmes is currently incarcerated at Federal Prison Camp, Bryan, a minimum-security facility in Texas. She was convicted on three counts of wire fraud and three counts of conspiracy to commit wire fraud. The Federal Bureau of Prisons has not disclosed the reason for Holmes' reduced sentence.

According to The Guardian, Elizabeth Holmes misrepresented the technological capabilities of Theranos' blood testing facilities. As a result, prosecutors said that she had defrauded investors by exaggerating how she had innovated blood testing. Before her initial arrest for fraud, Forbes listed her as the youngest and wealthiest self-made female billionaire in America.

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All there is to know about Elizabeth Holmes' prison sentence

In response to a request for comments from the authorities, a spokesperson from the Federal Bureau of Prisons said they cannot discuss the inmates' sentences. Officials cited 'safety and privacy' as the primary reason to withhold the information.

In a statement from the federal agency, they said that while they could not discuss the specific reasons that Holmes would not serve the original 11-year sentence, they could outline several reasons why sentences are reduced. As per USA Today, reduced sentences for inmates primarily stem from good conduct.

Other reasons may include old age or medical reasons. Prisoners can also have their sentences reduced after successfully completing job assignments or rehabilitation programs.

On May 17, 2023, Elizabeth Holmes reportedly appealed unsuccessfully for a reduced sentence. She said she is a mother and needs to be there for her two children. Judge Davila allowed Holmes to arrange for someone to care for her children before ruling that she would surrender custody by May 30.

As reported by Livemint, Holmes' downfall was particularly shocking due to the heights she had reached. She was once considered one of the greatest minds in her field.

However, prosecutors claimed that her $9 billion fortune had been built on a web of lies. Not only did she lie about the capabilities of her company's technology, but she also reportedly misrepresented their finances and partnerships.

Furthermore, Holmes falsely claimed that the US Department of Defense used Theranos' technology in combat situations.

Elizabeth Holmes' business partner, Sunny Balwani, was also implicated in the scheme. Balwani was sentenced to 12 years and 11 months on two counts of conspiring with Holmes, six counts of defrauding investors, and four counts of patient fraud. He is currently imprisoned at FCI Terminal Island in Los Angeles, California.