Bitwise founders sentenced to spend years in prison for wire fraud crime

FRESNO, Calif. (KFSN) -- The co-founders of failed tech institution Bitwise present cognize their punishment aft being sentenced successful national court.

It comes aft Jake Soberal and Irma Olguin Jr. pleaded blameworthy to 2 counts of ligament fraud earlier this year.

Soberal was sentenced to eleven years successful prison, and Olguin was sentenced to nine.

They volition besides request to wage backmost astir 115 cardinal dollars.

Federal prosecutors accidental Soberal and Olguin worked unneurotic to defraud investors and lenders retired of millions of dollars earlier the strategy collapsed successful May 2023.

The founders of the failed tech institution reached a woody with national prosecutors successful July.

The 2 each pleaded blameworthy to ligament fraud.

The brace are expected to study to situation connected March 18, 2025.

The justice sentenced Soberal to much situation clip due to the fact that helium was an lawyer and should person known what helium was doing was illegal.