Elizabeth Holmes, the former CEO of Theranos who was bogged down in scandal, might gain her freedom several months earlier than expected. According to the Bureau of Prisons’ online database, she will most likely be out of a Texas prison on August 16, 2032. Initially, her release date was December 29, 2032.
Notably, this is the second time her release date would be shortened within a year. Just last July, her 11-year-and-3-month sentence was cut by almost two years. The Bureau of Prisons has yet to explain the latest adjustment.
However, it has previously been noted that inmates can earn good conduct time. Currently, inmates can get up to 54 days of good conduct time each year of their sentence. If you don’t know who Holmes is, here’s the tea.
Who Is Elizabeth Holmes?
Elizabeth Holmes was once celebrated as an icon of Silicon Valley’s boundless innovation. Sadly, she is now one of the few tech executives serving prison time. Holmes was convicted early last year on several counts of scamming investors during her tenure at Theranos. Indeed, hers was a fall from Grace.
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As mentioned, inmates can earn time credits beyond good conduct, including participating in various prison programs. These factors contribute to calculating an expected release date and apply to all inmates, not only Holmes.
Holmes is serving her sentence at Federal Prison Camp Bryan, a minimum-security facility about 100 miles from Houston. An appellate court denied her request to stay out on bail last May while she fights to overturn her conviction.
The Rise and Fall of Theranos: From Billion-Dollar Valuation to Scandal
When Theranos was still booming, it boasted a valuation of $9 billion, making Holmes one of the paper billionaires. Unfortunately, Theranos’ downfall started with a 2015 investigation by the Wall Street Journal.
According to the Journal, Theranos had conducted only about a dozen of the hundreds of tests it claimed to offer using its tech, often with suspicious accuracy. More disclosures showed that Theranos relied on third-party devices from established blood testing companies instead of its technology.
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Where the Theranos Case Started
To be honest, the Theranos case is a timeline of deception and downfall. In 2021, Holmes stood trial in California for fraud after fierce revelations from whistleblowers and the Wall Street Journal.
It became known that over 200 blood tests Theranos claimed to perform with its “Edison” machine were, in reality, lies! The few tests conducted by the machine were unreliable, leading to serious misdiagnoses of conditions from cancer to diabetes. How careless could one be?
As if that wasn’t enough, Holmes misled investors by projecting profits far beyond what Theranos earned. On January 3, 2022, she was convicted on four counts of defrauding investors—three for wire fraud and one for conspiracy to commit wire fraud. In November 2022, she received an 11-year prison sentence and began serving her term in May 2023.
The Idea Behind Theranos
It all started in her first year at Stanford in 2003. Elizabeth Holmes proposed creating a patch to test microscopic blood samples for infectious diseases and administer antibiotics as needed. Then, she took steps to secure a patent for her innovation.
The thoughts eventually grew into Theranos, and Holmes imagined a future where patients would not need to provide multiple tubes of blood for testing. Instead, a few drops would detect markers for cancer, cholesterol, and many more.
A specially designed pen would collect patients’ blood samples. Notably, this pen is similar to devices used by people with diabetes to monitor blood sugar. Theranos aimed to test and then analyze samples with its mini-lab device called “Edison.”
According to Theranos, patients would get cheaper and faster blood tests, plus the whole procedure would be less painful. Holmes’ business idea promised billions in sales. But eventually, everything went down the drain.
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