2 indicted on wire fraud charges connected to Bitwise Industries

Bitwise did not repay the loans earlier collapsing successful 2023 and arsenic a result, the investors mislaid astir each of their money.

FRESNO, Calif. (KFSN) -- Two men person been indicted connected ligament fraud charges.

They're accused of swindling investors with loans made to the failed Fresno-based startup company, Bitwise.

61-year-old David Hardcastle of Fresno and 31-year-old Andrew Adler of Connecticut are accused of luring investors and giving Bitwise $20 cardinal successful loans.

In doing so, they allegedly altered the archetypal indebtedness documents and forged the signature of Bitwise Co-CEO, Jake Soberal, to marque the loans look little risky.

The concern partners are besides accused of investing successful different institution with involvement reserves meant to wage investors backmost if the borrower failed to repay the loan.

Bitwise did not repay the loans earlier collapsing successful 2023 and arsenic a result, the investors mislaid astir each of their money.

Hardcastle and Adler look 20 years successful situation if convicted.