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Where Are Convicted Bitwise CEOs Serving Their Prison Terms?
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By David Taub, Senior Reporter
Published 3 months ago on
March 19, 2025

Irma Olguin and Jake Soberal, both reported to prison on Tuesday. (GV Wire Composite/Paul Marshall)

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Jake Soberal and Irma Olguin Jr. have new identities — inmates 86356-510 and 86354-510, respectively. Those are the Federal Bureau of Prisons registration numbers for the two former Bitwise Industries co-CEOs as they reported to prison on Tuesday.

Soberal, 39, started an 11 year sentence at U.S. Penitentiary Atwater. Olguin, 44, began a nine year sentence at Federal Correctional Institute Victorville Medium I.

Both are low-security facilities and, despite its name, Victorville has a satellite camp for low-level female prisoners.

The U.S. Marshals office said Soberal and Olguin reported directly to the prisons.

Last year, Soberal and Olguin pleaded guilty to two counts of wire fraud. Federal prosecutors accused the pair of defrauding investors to raise millions of dollars.

During sentencing last December, Soberal’s attorneys asked to serve in Lompoc. It is unclear why the request was not followed.

A BOP spokesperson said he couldn’t specifically say why a prisoner is designated at a specific facility, but it is based on several factors.

“Some of the factors include the level of security and supervision the inmate requires, any medical or programming needs, separation, and security measures to ensure the individual’s protection, and other considerations including proximity to an individual’s release residence. The same criteria apply when making decisions for both initial designations and re-designations for transfer to a new facility,” spokesperson Scott Taylor said.

This is the perhaps the last chapter of the rise and fall of Bitwise — a Fresno technology and real estate company built on hopes and a shaky foundation.

The Bitwise Legacy

The company’s mission was to bring tech to “underdog” areas like Fresno, the home region of Soberal and Olguin. They grew up in Clovis and Caruthers, respectively.

Winning acclaim and recognition, Bitwise raised many millions in several rounds of investment funding.

But the idealistic plans ran into financial realities. With a starting salary of $70,000 for every employee, Bitwise could not make payroll, nor pay its property taxes, as GV Wire reported when it broke the story in May 2023.

The pair forged financial documents and lied about the health of the company to raise money to keep the company afloat.

Former employees won a $20 million class action settlement, mainly paid for the remaining insurance of Bitwise and its board of directors.

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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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