Elizabeth Holmes’ prison term shortens by two years
Disgraced Theranos CEO Elizabeth Holmes earned an earlier release for behaving properly in her first six weeks. The Guardian said a Bureau of Prisons representative confirmed the former tech leader became eligible for a two-year deduction to her sentence. However, the spokesman said he couldn’t share more details due to “privacy, safety, and security reasons” for inmates.
Some may find it strange to see the healthcare fraudster slash two years off her sentence. However, Stanford University explains rewarding good behavior in prisons benefits society. Professor A. Mitchell Polinsky says, “There is an overall benefit to society from rewarding prisoners for good behavior.”
Perhaps this incentive would reform Holmes into becoming a more productive member of society. This article will explain why the Bureau of Prisons deducted two years from the former healthcare fraudster’s jail time.
How did Elizabeth Holmes’ sentence shorten?
Theranos Fraudster Elizabeth Holmes' Prison Sentence Reduced By 2 Years https://t.co/Donj9VPDNY pic.twitter.com/4BBLgKMBcW
— NDTV News feed (@ndtvfeed) July 11, 2023
On May 30, 2023, Holmes got sent to a minimum-security, federal women’s prison camp in Bryan, Texas. The court sentenced her to 11 years and three months for investor fraud.
However, her new sentence will set her free for roughly nine years and seven months. The Guardian explained inmates in the United States can reduce their sentences for good conduct.
The Bureau of Prisons explained the eligibility criteria to the news agency. It said the court may remove a few years from their sentence by:
- Completing job assignments
- Following orders
- Completing substance abuse programs
- Attending other rehabilitation courses
Conversely, inmates may forfeit such benefits over disciplinary concerns and other violations. The reduction also adheres to federal sentencing guidelines.
The Guardian explains people convicted of federal offenses must serve 85% of their mandated sentence, even if they earned a reduction for good conduct.
What does her prison sentence look like?
Photo Credit: boingboing.net
The Theranos founder reported to the Federal Prison Camp in Bryan, Texas, on May 30. It is a minimum-security detention facility housing over 600 women offenders.
FPC Bryan is roughly 100 miles from where the fraudster lived before moving to California to attend Stanford University. The same facility holds Jennifer Shah, a cast member on Bravo’s “Real Housewives of Salt Lake City” for telemarketing fraud.
The Federal Bureau of Prisons said these institutions provide dormitory housing, limited perimeter fencing, and a low staff-to-inmate ratio.” Also, CNN says people call it “Camp Fed” due to the relatively lower restrictions than other facilities.
Former federal prosecutor Mark MacDougall reminded people that jail wouldn’t be easy for Elizabeth Holmes. He told CNN, “I think people who talk about ‘Camp Fed’ have never actually been inside a federal correctional facility.”
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“It’s not a place where people would want to spend time if they could be somewhere else,” he added. Moreover, the attorney said most inmates in FPC Bryan are likely white-collar offenders.
Inmates must have a job assignment, with hourly wages from $0.12 to $1.15. Also, the healthcare scammer must wear khaki shirts and pants as a uniform.
Elizabeth Holmes cannot wear jewelry except for a plain wedding band and a religious medallion without stones. Moreover, each of her items must not exceed $100.
Why did Elizabeth Holmes go to prison?
Photo Credit: wjtv.com
Holmes’ rise and fall started in 2003 when she founded the health tech firm Theranos as a Stanford dropout. Her company earned an astonishing valuation of $9 billion, turning her into the world’s first self-made female billionaire at the time.
The lady tech leader also unveiled a seemingly revolutionary device that reportedly ran standard diagnostic tests from a few drops of blood. Conversely, conventional blood tests require drawing vials to produce results.
If true, her “finger stick” technology could significantly enhance global healthcare by making it more accessible. In response, numerous wealthy figures flocked toward the project.
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These included high-profile investors like Oracle co-founder Larry Ellison and the family of former US Secretary of Education Betsy DeVos. Also, she attracted prominent names to her board of directors, like US Secretary of Defense James Mattis.
Unfortunately, her fall came in 2015, when The Wall Street Journal reported she overhyped Theranos’ flagship project. In 2018, Elizabeth Holmes’ company dissolved, and she went to jail roughly five years later.
Conclusion
Theranos founder Elizabeth Holmes earned a two-year reduction to her prison sentence for good conduct. However, she must still serve 85% of her original jail time.
Her co-conspirator, Sunny Balwani, also reduced his 13-year sentence by two years. As a result, The Guardian says her projected release date is now April 1, 2034.
Nevertheless, numerous individuals and organizations are developing real innovations that serve humanity. Learn more about them by following Inquirer Tech.
