Jake Soberal and Irma Olguin Jr. take Bitwise plea deal, walk from court

FRESNO, Calif. ( KSEE/KGPE ) – The two former Bitwise CEOs, Jake Soberol and Irma Olguin Jr., pleaded guilty on Wednesday in federal court as part of a plea agreement they made following the fall of the tech company last year.

Both Soberal and Olguin pleaded guilty to felony charges of wire fraud and conspiracy to commit wire fraud on Wednesday. The two changed their pleas to guilty after reaching a plea agreement earlier this month , allowing them to walk out on their own after the hearing.

Both Jake Soberal and Irma Olguin Jr. will remain out of custody on supervised release. Their guilty plea was made in front of a packed courtroom of family and many former Bitwise employees.

The terms of the plea state the government will recommend the ‘low-end’ sentence for the charges – and Soberal and Olguin will ordered to pay restitution to victims an amount the court says will not be over $115 million. It also orders the pair to forfeit all assets in order to pay restitution.

A former Bitwise employee at Wednesday’s hearing says she doubts she will ever receive any money in restitution, and explained the hardship she continues to face after she lost her job in early 2023.

“I would be happy with my last paycheck because it set me back for this whole year. I’ve been set back, our money and my kids, and I am struggling and I’m really trying hard to keep a roof over our heads,” said Laura Splotch, former BitWise employee.

The pair returns to federal court in Fresno for their sentencing hearing on November 6.

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