Elizabeth Holmes is now in prison to begin 11-year sentence
Holmes had been out on bail since January 2022 after being sentenced to prison time in November.LEARN MORE
A lawyer for the former CEO of the failed blood testing company Theranos said Holmes has 'limited financial means' and should not have to pay.
Elizabeth Holmes, now serving an 11-year sentence for crimes related to overseeing the failed blood-testing company Theranos, is arguing she should not have to pay a suggested $250 per month to victims of the failed company.
Federal prosecutors argued that Holmes should pay at least 10% of her wages or $250 per month, whichever is greater, as restitution after she is released from prison.
Holmes, 39, has entered a minimum-security women's prison camp located in Bryan, Texas, that holds about 650 inmates.
Holmes was the CEO of Theranos, a startup that claimed its groundbreaking technology could detect diseases with a finger prick and just a few drops of blood.
Those claims led to nearly $1 billion in funding. However, Holmes defrauded investors out of millions of dollars during her years running the company, promoting a blood-testing device that never actually worked.
In a court filing, lawyers for Holmes argued that there "is no basis in the record for the payment structure in the government’s request."
Her attorneys appeared not to object to a request that she pay $25 each quarter that she is in prison, as part of her restitution payments. It's possible that Holmes could hold a job at the women's prison camp, making wages that would likely fall under $2 per hour.
Holmes has reportedly been ordered to pay around $452 million in restitution to those she is accused of defrauding in the process of trying to build her failed company.
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