The Takeaway:
-Former Bitwise co-CEOs Jake Soberal and Irma Olguin Jr. pleaded not guilty to fraud charges in Fresno’s federal courthouse Thursday.
-United States Attorney Phillip Talbert said that the two are facing fraud charges valued at up to $100 million.
-Soberal and Olguin Jr. were released on several conditions, including surrendering their passports; putting up their homes as collateral (in Olguin’s case, her mother’s home); no contact with the Bitwise board, CFO, or former president; no discussion of the case with other witnesses; and travel restricted to almost all of California (except San Diego and Imperial counties) and Oregon.
-The U.S. Attorney’s Office says Soberal and Olguin face up to 20 years in prison and $250,000 in fines if they are found guilty.
-Soberal and Olguin will return to court for a Dec. 8 bond and post-bail hearing. The judge also set a preliminary hearing for Jan. 25, 2024.
