The Criminal Prosecution of Elizabeth Holmes

After Theranos collapses, federal prosecutors charge Elizabeth Holmes with conspiracy and wire fraud against investors. The trial becomes a national spectacle: the defense argues she acted in good faith and was manipulated by her COO; the prosecution presents evidence she knew the technology failed while continuing to solicit investment. In January 2022, a jury convicts on four counts. She is sentenced to 11 years and 3 months in federal prison and ordered to pay hundreds of millions in restitution. Appeals are rejected; the sentence is later reduced to 123 months. She reports to Federal Prison Camp in Bryan, Texas, in May 2023 — the starting point of the documentary's timeline.

Key facts

Convicted January 2022: 3 counts wire fraud + 1 count conspiracy against investors
Sentenced to 11 years 3 months; reported to FPC Bryan, Texas, May 30, 2023
Conviction and restitution upheld on appeal (Ninth Circuit, February 2025)
Sentence reduced 135 → 123 months (March 2026); commutation request pending
Maintains on camera that she never lied or misled anyone