Co-founders of failed Bitwise Industries to begin prison sentences

FRESNO, Calif. (KFSN) -- The co-founders of the failed tech institution Bitwise are to study to national prison.

Jake Soberal volition walk 11 years successful prison, portion Irma Olguin Jr. volition service 9 years.

Federal prosecutors accidental the 2 worked unneurotic to defraud investors and lenders retired of millions of dollars earlier the strategy collapsed successful May 2023.

The 2 pleaded blameworthy to 2 counts of ligament fraud successful 2024.

Soberal and Olguin volition request to wage backmost astir $115 cardinal successful restitution.

Soberal volition service his condemnation astatine the national situation successful Lompoc, and Olguin volition spell to the national situation successful Victorville.