BREAKING: Bitwise founders charged for $100 million fraud scheme, $250,000 fine and facing 20 years

FRESNO, Calif. — Irma Olguin, Jr. and Jake Soberal, the founders and leaders of the failed Fresno-based technology company Bitwise, self-surrendered today on a federal complaint charging them with conspiring to commit wire fraud and taking more than $100,000,000 from various businesses and individuals, United States Attorney Phillip A.Talbert announced at a press conference. Olguin, Jr., 42, and Soberal, 37, made their initial appearances at the Robert E. Coyle Federal Courthouse in Fresno today at 2:00 p.m. before United States Magistrate Judge Sheila K. Oberto--they both plead not guilty to all charges. The two Bitwise co-founder-defendants are to return to the courtroom for a preliminary hearing Jan. 25. According to KVPR, they were allowed to walk out of the courtroom; Olguin Jr. made bond using her mother’s home and Soberal’s family residence was also used as his bond.