Co-founders of failed Bitwise Industries to begin prison sentences

FRESNO, Calif. (KFSN) -- The co-founders of the failed tech company Bitwise are to report to federal prison.

Jake Soberal will spend 11 years in prison, while Irma Olguin Jr. will serve nine years.

Federal prosecutors say the two worked together to defraud investors and lenders out of millions of dollars before the scheme collapsed in May 2023.

The two pleaded guilty to two counts of wire fraud in 2024.

Soberal and Olguin will need to pay back nearly $115 million in restitution.

Soberal will serve his sentence at the federal prison in Lompoc, and Olguin will go to the federal prison in Victorville.