Jake Soberal and Irma Olguin Jr. have new identities — inmates 86356-510 and 86354-510, respectively. Those are the Federal Bureau of Prisons registration numbers for the two former Bitwise Industries co-CEOs as they reported to prison on Tuesday.
Soberal, 39, started an 11 year sentence at U.S. Penitentiary Atwater. Olguin, 44, began a nine year sentence at Federal Correctional Institute Victorville Medium I.
Both are low-security facilities and, despite its name, Victorville has a satellite camp for low-level female prisoners.
The U.S. Marshals office said Soberal and Olguin reported directly to the prisons.
Last year, Soberal and Olguin pleaded guilty to two counts of wire fraud. Federal prosecutors accused the pair of defrauding investors to raise millions of dollars.
During sentencing last December, Soberal’s attorneys asked to serve in Lompoc. It is unclear why the request was not followed.
A BOP spokesperson said he couldn’t specifically say why a prisoner is designated at a specific facility, but it is based on several factors.
“Some of the factors include the level of security and supervision the inmate requires, any medical or programming needs, separation, and security measures to ensure the individual’s protection, and other considerations including proximity to an individual’s release residence. The same criteria apply when making decisions for both initial designations and re-designations for transfer to a new facility,” spokesperson Scott Taylor said.
This is the perhaps the last chapter of the rise and fall of Bitwise — a Fresno technology and real estate company built on hopes and a shaky foundation.
The Bitwise Legacy
The company’s mission was to bring tech to “underdog” areas like Fresno, the home region of Soberal and Olguin. They grew up in Clovis and Caruthers, respectively.
Winning acclaim and recognition, Bitwise raised many millions in several rounds of investment funding.
But the idealistic plans ran into financial realities. With a starting salary of $70,000 for every employee, Bitwise could not make payroll, nor pay its property taxes, as GV Wire reported when it broke the story in May 2023.
The pair forged financial documents and lied about the health of the company to raise money to keep the company afloat.
Former employees won a $20 million class action settlement, mainly paid for the remaining insurance of Bitwise and its board of directors.
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