By WTVG Staff
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.
Latest Local News | First Alert Weather | Crime | National | 13abc Originals
Copyright 2024 WTVG. All rights reserved.