Federal officials alleged this week that the two leaders of a Fresno-based tech company defrauded investors out of tens of millions of dollars to prop up their struggling company. The United States Attorney’s Office for the Eastern District of California filed a criminal complaint Wednesday against Irma Olguin Jr. and Jake Soberal, co-founders of the tech company Bitwise.
Much of the money, according to the complaint, went toward repaying prior debts, meeting payrolls — including $600,000 salaries each for Olguin and Soberal — and outfitting office spaces. Bitwise declared bankruptcy in June 2023. “The defendants could have chosen simply to admit the failure of Bitwise’s business model,” U.S. Attorney Phillip Talbert wrote in the Thursday press release. “Instead, they used lie after lie to pull over $100 million into a dying venture through fraud.
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