‘Apology is too little, too late’: Former Bitwise CEOs release apology letter

FRESNO, Calif. ( KSEE/ K GPE ) – One of the former CEOs of Bitwise, Irma Olguin Jr. released a joint statement with co-CEO Jake Soberal on social media apologizing to the community on Thursday.

This comes after she and Bitwise’s co-CEO Soberal changed their pleas to guilty on federal felony charges of wire fraud and conspiracy to commit wire fraud on Wednesday.

On Wednesday Olguin Jr. and Soberal changed their pleas, originally the duo pleaded not guilty at their arraignment in November 2023, but the plea change was made after the duo agreed to a guilty plea deal with federal prosecutors on July 2.

The letter released on Thursday states that they pled guilty to the two felonies. It also says that they owe many people “millions upon millions of dollars” and that “those will be the headlines.”

What hasn’t been in the headlines is our apology -one that you are owed, and that is long overdue. We have wanted to say these things for quite some time and are finally able to say some of the things we need to say.

Irma Olguin Jr. and Jake Soberal.

The letter continues to say that in 2023 and 2023, they did many things wrong. It says that they lied to lenders and investors in egregious ways so that they would give Bitwise money that they could use to keep the company going and keep their teammates employed.

They said that they wanted to see Bitwise and to see Fresno succeed.

That gave rise to the false belief that those things were only possible if Bitwise kept going. Over a critical period of time with much on the line, we absolutely, unequivocally and irreversibly chose the wrong way.

Irma Olguin Jr. and Jake Soberal.

The letter says that they are deeply sorry for having “abused and broken the trust that was placed in them.”

They say they were in a relationship where the understanding was that they would tell the people who worked for them everything they needed to know so that they could make the decision that was right for them and they didn’t do it.

For many, especially those we were closest to, you may be thinking this apology is too little, too late.

Irma Olguin Jr. and Jake Soberal.

According to the letter, the company crashed in 2023, and the first instinct was to fix it and they were getting desperate. By June 1, 2023, the company had collapsed and they resolved to prioritize two things: telling the truth and cooperating with the legal process.

The full letter is down below.

According to the court, the maximum sentence handed out for each sentence is 20 years in prison, a $250,000 fine, and three years of supervised release.

However, according to the terms of the plea deal, the government will only recommend the “low-end” sentence, as the former CEOs will be ordered to pay restitution to victims, a maximum amount of $115 million.

It’s unclear how, or if, they would be able to pay that sum.

Olguin and Soberal will be sentenced on Nov. 6 at 8:30 a.m.

For the latest news, weather, sports, and streaming video, head to YourCentralValley.com | KSEE24 and CBS47.