Per Business Insider
Elizabeth Holmes's lawyers argue she can't pay the $250 monthly restitution
6/13/2023
Elizabeth Holmes, the former CEO of the now-disgraced Theranos, has been sentenced to jail. Now, her lawyers are arguing that she won't be able to pay the $250 monthly restitution as previously ordered.
For context, Elizabeth Holmes and Ramesh "Sunny" Balwani were reportedly ordered to pay restitution worth $452 million. The two were reportedly former romantic and business partners.
Previously, Insider was told by certain experts that resititutions weren't always fully paid. Because of this, the court often looks for alternative ways for it to be able to collect the payments.
Columbia Law School professor and former Manhattan federal prosecutor Daniel Richman gave a statement regarding the situation. As explained, it was noted that restitutions aren't always paid.
Richman: "Assets that the government froze at the onset of a prosecution might be available for restitution... But generally, most restitution is never paid."
Per Bloomberg, Holmes was told by prosecutors that she had to pay monthly increments when she gets released. The amount that the former Theranos CEO was set to pay monthly was just $250.
This would mean she would pay $3,000 annually and $30,000 for ten years. To pay back $1 million in restitution, she would have to pay $250 monthly for 83,334 months or 228.3 years.
Elizabeth Holmes is reportedly 39 years old and was born on February 3, 1984.
In November, Elizabeth Holmes was sentenced to 11 years in prison for fraud. To be specific, her sentence was 135 months or 11.25 years.
During that time, prosecutors were seeking a 15-year prison sentence, a three-year supervised release, and institutions worth $800 million.
In January, it was revealed that Elizabeth Holmes purchased a one-way ticket to Mexico in 2022 after she was convicted of fraud. This came long after Holmes was found guilty on four counts of lying to investors on Jan 3 2022.
See flow at unusualwhales.com/flow.
Other News:
- Elizabeth Holmes of Theranos has been sentenced to 11 years in prison for fraud
- Theranos founder Elizabeth Holmes bought a one-way ticket to Mexico last year after she was convicted of fraud
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