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Did Bitwise's Soberal Apologize? Attorneys Ask For Sentencing Delay
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By David Taub, Senior Reporter
Published 1 month ago on
October 11, 2024

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)

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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.

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

A redacted copy of Jake Soberal’s apology email to an investor. (special to GV Wire)

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.

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.

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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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