Bitwise Industries’ former CEOs appeared in a Fresno federal courtroom for a bond review hearing on Friday.

Jake Soberal and Irma Olguin Jr., mainly through their attorneys, went over the condition of their release with Magistrate Judge Barbara McAuliffe. The defendants only spoke, when acknowledging they understood the updated bond conditions.

McAuliffe mainly reviewed that all the proper paperwork was turned in. A few minor changes were made to the bond conditions.

Soberal and Olguin face one charge of conspiracy to commit wire fraud. A DOJ official, without specifically referring to the Bitwise case, said it was common for minimal charges in a criminal complaint as a “place holder” until a formal indictment is introduced. Charges could be added or changed.

The defendants pleaded not guilty at their initial Nov. 9 appearance. As conditions of being released on bond, both had to surrender passports, use their homes as collateral (in the case of Olguin, her mother’s home), and restrict travel to most of California and Oregon.

Soberal and Olguin will be under the supervision of the pretrial services division, a request that prosecutor Joe Barton clarified on Friday.

Pretrial Services Officer Ryan Beckwith told the judge that supervision was not necessary because of a lack of criminal history, lack of drug use, and the defendants’ record of stable employment.

However, the judge ordered supervision for now, and Soberal and Olguin had their first pretrial services meeting after the hearing.

Other minor changes to the conditions of Soberal and Olguin’s release were notifying pretrial services of any residency and phone number change and requesting permission to leave the restricted travel area.

Unlike their arraignment, there were few observers in the courtroom. Only one former Bitwise employee appeared. Sandi Olguin, Irma Olguin’s sister and also a former Bitwise employee, entered the courthouse with the defendants. A friend of Soberal also attended.

Both sides declined to comment after the hearing.

Defendants Accused of Fraud

The 42-page complaint accused Soberal and Olguin of several instances of wrongdoing, from falsifying bank documents to lying to investors. The defendants allegedly told federal investigators of their schemes and said they were the only two conspiring in the plan.

Bitwise collapsed in June, firing its reported 900-member workforce and filing for bankruptcy. The former tech/real estate company faces several civil lawsuits.

Wednesday, both the prosecutors and defendants asked the court for a one-week delay to allow Soberal and Olguin’s attorneys more time “to gather remaining information and documentation to complete the property bond package.” McAuliffe denied the request later that day, keeping Friday’s date.

The pair return to court on Jan. 25, again in front of McAuliffe for a preliminary examination.

Jake Soberal and Irma Olguin Jr. enter federal court. They had no comment. pic.twitter.com/XfXSanhZAe

— David Taub (@TaubGVWire) December 8, 2023