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Community Reacts to Social Media Apology From Guilty Bitwise CEOs
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By David Taub, Senior Reporter
Published 9 months ago on
July 19, 2024

Former Bitwise CEOs Irma Olguin Jr. and Jake Soberal, who masterminded a $115 million wire fraud scheme, issued a two-page apology to employees, investors, and lenders on social media Thursday. (GV Wire Composite/Paul Marshall)

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The criminally guilty former CEOs of Bitwise Industries have admitted to former employees they may never receive money owed to them.

And they said that an apology now “is too little, too late.”

That was one of several revelations that Irma Olguin Jr. and Jake Soberal made in a two-page letter posted on several of the pair’s social media sites on Thursday. The letter, addressed to “former teammates, investors, lenders, and your respective families,” lists wrongdoings and apologies for committing fraud to keep the company afloat.

Olguin’s attorney Daniel Olmos confirmed the authenticity of the apology, which came hours after former Bitwise employee and current GV Wire journalist Tony Haddad posted a column about his experience at the company.

“We are deeply sorry,” the pair wrote.

On Wednesday, Olguin and Soberal pleaded guilty to two counts — wire fraud, and conspiracy to commit wire fraud — in federal court. They face prison time likely from five to 12 years, although the judge will make that determination. Sentencing takes place Nov. 6.

The federal government charged them with committing fraud by falsifying financial documents to investors and lenders. Soberal and Olguin admitted to bilking $115 million. They said “those will be the headlines.”

“What hasn’t been in the headlines is our apology — one you are owed, and that is long overdue.”

Olguin, Soberal Break Silence

Olguin and Soberal continually refused to comment during their prior court appearances. After Wednesday’s change of plea hearing, attorneys on their behalf issued an apology statement via email.

In Thursday’s letter, the defendants said they lied in “egregious ways” to receive money to keep the company going. They kept employees in the dark about the dire financial health of the company, and did not understand the “collateral damage” they caused.

They said they said nothing because “we were asked to.” The letter did not say who made that request.

“It never felt right to us to say nothing to you. If we had shown up and said something, anything, at least … you’d have recognized that,” the letter said.

The Community’s Reaction

After the apology letter was posted on social media, former Bitwisers and the community had mixed reactions on social media:

  • “Bitwise was a great idea that inspired many people to start companies and try code that won’t have had that chance otherwise. I hope that Fresno has more companies in the future that dream big but that can actually survive and thrive because it seemed like Bitwise was so close to long-term success.”
  • “In a time when my daughter’s life was on the line and my entire world was falling apart, you stepped up as a person of kindness and generosity and that is something I will never forget.”
  • “The biggest lesson was apologizing and not committing wire fraud and scamming people? Your company wiped out retirements and hard-working people’s checks that would bounce. You didn’t care about social justice, you were just greedy and exploited your colleagues until you got caught. This apology was just apart of your scam to get less of sentence. Have fun in federal prison!”
  • “You intentionally and maliciously deceived investors for your own personal gain of greed and financially hurt the dedicated employees who trusted you as a leader, believed in your mission that were employed at your company who had families that depended on them.”
  • “Nobody belongs in the situation you are more than you ❤️”
  • “You state, “We lied to lenders and investors… to keep the company going, and keep our teammates employed.” This isn’t some noble sacrifice for Pete’s sake; it’s a calculated lie to cover your failures. You exaggerated Bitwise’s financial health with fake cash balances and revenues, claiming $44 million when it was less than $12 million and $143 million when it was minimal. (Just ask her about “passing the hat” — aka borrowing money from your employees to keep the lights on). Cut the act, this wasn’t about saving jobs although you can say it is and your apologists will keep chiming-in about it; it was frankly about maintaining a façade for your personal gain.”
  • “Jake Soberal and Irma Olguin are both crooks, thieves, and ruthless money-hungry individuals who bilked so many employees, businesses, banks, and firms out of tens of millions of dollars!”
  • “There is no forgiveness for “Serial Thieves.” You were deliberated and deceitful on your actions. And I am sure you would continue doing it, had you not get caught.”

The Crash and Burn of Bitwise

By avoiding a trial with the guilty plea, the exact narrative of how a company founded with such promise in 2013 crashed and burned 10 years later is yet to be revealed. Bitwise became the darling company championing underdog communities like Fresno, winning acclaim in the tech and venture capital world and from high-profile politicians such as Gov. Gavin Newsom. Olguin spoke at TED Talks.

A made-for-DEI story Olguin told — a gay Latina from the farming community of Caruthers who by sheer determination made it big — gathered attention from the media, and the political world.  At one point, Newsom appointed Olguin to the state’s community college board.

The company toward the end listed dozens of executives, with company insiders saying they earned well over six figures. Among those on the payroll were Olguin’s sister and brother, and reportedly other relatives.

Bitwise raised millions in investments — or so it said. To keep up the charade of a successful company, the Department of Justice said that Olguin and Soberal cooked the books, lied to investors and lenders, and even misled its own board of directors.

GV Wire exposed the financial problems of Bitwise in May 2023. The company did not pay its property taxes, and struggled to make payroll. In the ensuing weeks, the company furloughed and then laid off a reported 900 workers, and the board fired Olguin and Soberal before filing for bankruptcy.

Bitwise still faces civil lawsuits from former employees, investors and lenders. As part of their plea deal, Olguin and Soberal agreed to pay up to $115 million in restitution.

(GV Wire’s Anthony Haddad contributed to this article.)

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David Taub,
Senior Reporter
Curiosity drives David Taub. The award-winning journalist might be shy, but feels mighty with a recorder in his hand. He doesn't see it his job to "hold public officials accountable," but does see it to provide readers (and voters) the information needed to make intelligent choices. Taub has been honored with several writing awards from the California News Publishers Association. He's just happy to have his stories read. Joining GV Wire in 2016, Taub covers politics, government and elections, mainly in the Fresno/Clovis area. He also writes columns about local eateries (Appetite for Fresno), pro wrestling (Off the Bottom Rope), and media (Media Man). Prior to joining the online news source, Taub worked as a radio producer for KMJ and PowerTalk 96.7 in Fresno. He also worked as an assignment editor for KCOY-TV in Santa Maria, California, and KSEE-TV in Fresno. He has also worked behind the scenes for several sports broadcasts, including the NCAA basketball tournament, and the Super Bowl. When not spending time with his family, Taub loves to officially score Fresno Grizzlies games. Growing up in the San Francisco Bay Area, Taub is a die-hard Giants and 49ers fan. He graduated from the University of Michigan with dual degrees in communications and political science. Go Blue! You can contact David at 559-492-4037 or at Send an Email

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