Disgraced founders of Bitwise in Fresno sentenced to prison following fraud convictions
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READ MORE: ‘I am a liar.’ Bitwise founders admit to fraud in Fresno courtroom packed for sentencing
Jake Soberal and Irma Olguin Jr., the disgraced co-founders and co-CEOs of Bitwise Industries, were sentenced Tuesday to federal prison for their roles in masterminding a fraud scheme that bilked tens of millions of dollars from investors and lenders.
After hearing speeches of contrition from Soberal and Olguin, Judge John Coughenour ruled that Soberal will spend 132 months, or 11 years, in prison for his guilty plea and convictions of one count of wire fraud and one count of conspiracy to commit wire fraud. Olguin was sentenced to 108 months (nine years) in federal prison.
Each will have 90 days before they have to report to U.S. marshals to begin their prison terms. Coughenour also ordered that Soberal and Olguin will be subject to three years of supervised release following the completion of their time in prison.
Soberal is 38 years old and will be 49 if he serves the entirety of the prison sentence. Olguin, 43, will be 51 at the end of her prison term.
The sentencing marks the conclusion of the criminal case that was sparked when Bitwise Industries abruptly collapsed over the Memorial Day weekend of 2023, laying off all 900 of its employees without advance notice. The Fresno-based company was born 10 years earlier with a vision of providing technology training for underrepresented people, offer technology services for local businesses, and lease space in its buildings for entrepreneurs and start-ups.
Coughenour said that Soberal was receiving a longer prison sentence because of his standing as an attorney and member of the State Bar.
This story was originally published December 17, 2024 at 11:40 AM with the headline "Disgraced founders of Bitwise in Fresno sentenced to prison following fraud convictions."
