How the Theranos and Elizabeth Holmes case unfolded
The SEC alleged in 2018 that Theranos, Holmes and former president Ramesh Balwani raised more than $700 million through misleading statements about the company's blood analyser, its use by the Department of Defense and its revenue. Federal prosecutors charged Holmes with wire fraud and conspiracy involving investors and patients.
14 March 2018 to today · 7 dated events · 9 sources
Where it stands now · as of 30 October 2026
As of 30 October 2026 Holmes's conviction stands affirmed and she remains in federal custody, with ABC News reporting in September 2026 a scheduled transfer to a halfway house on 23 August 2027 and a projected release date of 22 February 2030.
Next date 23 August 2027 scheduled transfer to a residential reentry center, as reported by ABC News
Overview · 14 Mar 2018 to 23 Sep 2026 · click a dot to jump
2018
14 Mar 2018
Settlement
SEC charges and settles with Theranos and Holmes
Civil fraud charges and settlement with Theranos and Holmes. Holmes agreed, without admitting or denying the allegations, to a $500,000 penalty, return of 18.9 million shares, giving up voting control, and a 10 year bar from serving as an officer or director of a public company. Theranos also settled without admitting or denying.
Sentencing, United States v. Holmes, No. 5:18-cr-00258-EJD. Holmes was sentenced to 135 months in prison following her conviction on Count 1 (conspiracy to commit wire fraud against investors) and Counts 6, 7 and 8 (wire fraud). The jury acquitted her on the patient counts (Counts 2 and 10 to 12) and did not reach a verdict on Counts 3 to 5.
United States v. Holmes, Nos. 22-10312, 23-1040, 23-1167 (consolidated with Balwani appeals), opinion by Judge Nguyen. The court affirmed the convictions, the 135 month sentence and the $452 million restitution order, imposed jointly and severally with Balwani.
Order denying panel rehearing and rehearing en banc (reported). The panel denied rehearing and no judge requested an en banc vote, according to ABC7 News and The Spokesman-Review.
Judge Davila reduces the prison term to 123 months
Order reducing sentence under retroactive Guidelines amendment (reported). The court reduced Holmes's prison term from 135 months to 123 months, finding she was eligible for the two level reduction in U.S.S.G. 4C1.1 because she did not personally cause substantial financial hardship within the meaning of the guideline, according to the Volokh Conspiracy and ABC News. The conviction was not affected.
Last updated 30 October 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.