Bitwise Industries co-founders Irma Olguin, Jr. and Jake Soberal are set to stave off an indictment of a litany of prospective fraud charges in exchange for agreeing to hefty restitution to bilked investors and lenders along with some level of prison time.
The terms of the plea agreement were released on Friday.
Inside the plea deal: Prosecutors and the two business co-founders signalled they were nearing an agreement on a plea deal, asking Federal Magistrate Barbara A. McAuliffe for additional time before entering a change of plea on Wednesday, July 17.
- Under the terms of the agreement, Olguin and Soberal will plead guilty to one count of conspiracy to commit wire fraud and one count of wire fraud.
- Federal sentencing guidelines provide a maximum sentence of 20 years imprisonment each on the counts, along with a fine of $250,000, three years of supervised release, and a special assessment of $100.
- The agreement demands restitution to be paid to victims, with the total sum between the two of them not to exceed $115 million.
- Soberal and Olguin required to forfeit personal and real property along with property acquired through the frauds.
Read the plea agreement:
