A Bit Worried? Bitwise Co-Founders Exit Federal Building After Pleading 'Not Guilty'

By Jahz Tello, Video Production Assistant

Published 6 months ago on

November 11, 2023

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.

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Jahz Tello,

Videographer

Jahz joined GV Wire in early 2018 as a Video Production Assistant and is now a Videographer. He came to us with experience in video editing and production, most recently with Fresno State Athletics. Jahz received a Bachelor’s Degree in Multimedia from Fresno State in 2014. He has a passion for video, music and film. In his spare time, Jahz likes to cook, catch up on current events, listen to music and exercise. You can contact him at 559-492-4016 or Send an Email .