Founders of failed Bitwise Industries pleading guilty to wire fraud

The founders of Fresno's failed Bitwise Industries will each plead guilty to wire fraud.

EDITOR'S NOTE: The video above is from a previous broadcast and will be updated.

Jake Soberal and Irma Olguin Jr. reached a plea deal with federal prosecutors earlier this month, but the details are just now becoming public.

RELATED: One year later: The rise and fall of Bitwise

In documents filed with the court, prosecutors say Soberal and Olguin will plead guilty to two charges and pay up to $115 million in restitution.

In exchange for pleading guilty, federal prosecutors say they will ask the judge to impose the lightest prison sentence allowed, but the final decision is up to the judge.

RELATED: What is Bitwise? Explaining the rise and fall of the Fresno-based tech company

Soberal and Olguin cannot change their plea based on the judge's sentence.