Bitwise founders sentenced to prison [Video]

Bitwise founders sentenced to prison

Published: Dec. 18, 2024 at 10:20 AM EST|Updated: 2 hours ago

TOLEDO, Ohio (WTVG) – The two former CEOs of Bitwise Industries have been sentenced to federal prison for wire fraud.

Court records say 43-year-old Irma Olguin Jr., a UToledo graduate, was sentenced to nine years in prison. 38-year-old Jake Soberal was sentenced to 11 years.

A federal judge also ordered the duo to repay nearly $115 million they took from investors, which they obtained by falsifying Bitwise financial statements.

The California-based tech start-up was supposed to open a Toledo location in the Jefferson Center last year.

The historic building underwent a $40 million facelift, but the workers were laid off and the business collapsed.

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