Sentencing for former Bitwise leaders has been delayed. What’s the reason?
The much anticipated sentencing of former Bitwise founders, Jake Soberal and Irma Olguin Jr., has been rescheduled from Nov. 4 to Dec. 17.
The one-time tech entrepreneurs, whose Fresno-based company employed up to 900 people before it crashed in May, 2023, have pleaded guilty to charges they lied to investors in an attempt to prop up their failing venture.
Soberal and Olguin’s attorneys requested the delay late last week citing conflicting work and travel commitments.
U.S. Magistrate Judge Barbara McAuliffe approved the continuation.
“This is the first continuance the parties have requested and they do not anticipate requesting any additional continuances of the sentencing date. This continuance will ensure that defense counsel have sufficient time to fully prepare for the sentencing hearing,” said attorneys, Daniel Olmos, who represents Olguin and Eric H. MacMichael, Soberal’s lawyer, in court documents.
Soberal and Olguin, who are out on bond, are charged with one count each of conspiring to commit wire fraud and wire fraud. Each count carries a maximum penalty of 20 years, plus a fine of $250,000.
But in exchange for their cooperation and other factors, the U.S. Attorney’s office will recommend the defendants be sentenced to the low-end of the federal sentencing guideline range. That could potentially reduce their stay in prison to just several years.
Soberal and Olguin also have agreed to pay restitution of no more than $115 million.
The sentencing is expected to draw a full crowd at the federal court house, including family members and former employees.
This story was originally published October 15, 2024 at 12:53 PM.
