Former Bitwise CEO Jake Soberal sent an apology email to a jilted investor, a source tells GV Wire. Soberal and Irma Olguin Jr. are also asking for a delay in their sentencing hearing. (GV Wire Composite/Paul Marshall)
- The Bitwise defendants have asked the court to push back sentencing until Dec. 17.
- Former Bitwise CEOs Jake Soberal and Irma Olugin Jr. pleaded guilty to wire fraud.
- Sentencing is currently set for Nov. 6.
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Jake Soberal, the former Bitwise Industries co-CEO awaiting sentencing for fraud, apparently sent an apology email to at least one victim.
Meanwhile, attorneys for Soberal, co-defendant Irma Olguin Jr. and federal prosecutors are asking a judge for a delay in sentencing.
In a motion filed Thursday by Soberal’s attorney Eric MacMichael, the parties are asking U.S. Magistrate Judge Barbara McAuliffe to push back sentencing from Nov. 6 to Dec. 17.
The attorneys are asking for the delay “due to defense counsels’ work and travel commitments.”
“This is the first continuance the parties have requested and they do not anticipate requesting any additional continuances of the sentencing date,” MacMichael wrote in the motion, signed off by the other attorneys.
In an update since this story first published, McAuliffe signed the request on Friday, officially moving the sentencing to Dec. 17.
Related Story: Bitwise Settling With Employees for $20 Million. How Much Will Each Get?
Soberal and Olguin, the founders and co-CEO of Bitwise — the technology and real estate company based in Fresno — pleaded guilty to two counts of wire fraud in July. The federal government accused them of lying to investors to raise millions of dollars for the company that eventually failed in 2023.
The court docket lists documents related to character reference letters, and victim impact statements. Those have not been publicly released.
Apology Email?
One of the investors shared with GV Wire an email sent by Soberal apologizing for the incident.
The investor asked GV Wire not to identify him or her because of privacy concerns.
Dated July 26, Soberal addressing his victim, wrote:
I will not pretend to have any understanding of what it is like to see my name pop up in your inbox. I am writing here to apologize, not because I think that an apology is enough, but because it is something that I owe you.
I lied to you and that harmed you, financially at least, and possibly in other ways that I am unaware of. I am deeply sorry for my wrong actions. I also understand that this may feel long overdue. It is. I apologize for that also.
In neither case do I expect or feel entitled to your forgiveness.
If ever it would be helpful to connect by phone or video, please let me know.
Best,
Jake
GV Wire asked other investors if they received a similar email. Of those who responded, they said no.
[Update 10/16/2024: Since this story first published, one other investor, who wished to remain anonymous, confirmed to GV Wire of receiving an apology email from Soberal.]Soberal and Olguin posted a community apology on social media a day after their July 17 change of plea hearing.
Attorneys for Soberal and Olguin did not return messages left by GV Wire.
Related Story: I Am a Former Bitwiser and This Is My Story
How Much Access Will Media Have?
The court has not assigned a judge for the sentencing, whether held on Nov. 6 or Dec. 17. It is listed in court records just as “District Judge.”
Any member of the public, including media, can attend the hearing in person, a right guaranteed in the Constitution. However, the right to record images — video and photographs — are limited.
No images are allowed at all inside the courtroom. Elsewhere in the building is a matter of interpretation.
Federal code grants an exception to media for photography and videos within “building entrances, lobbies, foyers, corridors, or auditoriums for news purposes.”
The same code also grants an exception to the exception “where security regulations, rules, orders, or directives apply or a Federal court order or rule prohibits it.”
However, the Fresno federal court has local rules — specifically Rule 173 — that bans “All forms, means, and manner of taking photographs, tape recordings, broadcasting, or televising” within the courtroom and “corridors adjacent thereto.”
During the July 17 change of plea hearings for Soberal and Olguin, Judge Dale Drozd banned any cameras within the building at all. Media had to wait outside the Fresno courthouse.