O’Cone also mentioned that inmates earn up to 45 days of good conduct time for each year served and can earn additional time credits through certain recidivism reduction programs.
Holmes gained fame as a healthcare innovator but faced a downfall when the Wall Street Journal exposed the failure of her technology in 2015. In 2022, she was convicted of fraud and conspiracy, resulting in an 11-year prison sentence. In May, at the age of 39, Holmes reported to the federal prison camp in Bryan, Texas, joining around 650 other female inmates.
Holmes founded Theranos in 2003 while studying at Stanford University, ultimately dropping out. At its peak, Theranos was valued at $9 billion.
However, the company and Holmes’ reputation fell apart after the Wall Street Journal’s report raised doubts about the technology. Theranos ceased operations in 2018 amidst multiple regulatory investigations. Holmes and her former business partner, Sunny Balwani, were later convicted of fraud.
Holmes and Balwani are jointly responsible for making restitution payments of $452 million. However, her attorneys claim that she has limited financial resources and cannot afford to pay the required $250 per month to the victims of her fraud.
Despite once being estimated to be worth $4.5 billion, Holmes’ attorneys state that she now has essentially no valuable assets following the collapse of Theranos.
This is a developing story and will be updated.
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