Irma Olguin Jr. and Jake Soberal surrendered to authorities Thursday after being charged in a federal complaint with conspiring to commit wire fraud and taking more than $100 million, U.S. Atty. Federal authorities have charged the co-founders of Fresno startup Bitwise Industries with fraud months after the company laid off all of its employees and shut down without explanation. Instead, they used lie after lie to pull over $100 million into a dying venture through fraud,” Talbert said. Bitwise filed for bankruptcy June 28 and has been hit with lawsuits since from former board members, lenders and ex-employees. It raised a $27-million Series A round of funding in 2019 and Series B funding of $50 million in 2021.

Source: Los Angeles Times November 13, 2023 13:51 UTC