Bitwise co-founders Jake Soberal and Irma Olguin Jr. have had their sentencing delayed in their federal fraud case.
U.S. Magistrate Judge Barbara McAuliffe signed off on a request last Friday to postpone the sentencing to Dec. 17.
Driving the news: Soberal and Olguin had initially been scheduled to be sentenced on Nov. 6, following the plea deal they struck in July.
- Soberal and Olguin pleaded guilty in the $115 million fraud case to one count of conspiracy to commit wire fraud and one count of wire fraud.
- Court documents show that they asked McAuliffe last week to postpone the sentencing to December because of work and travel commitments for their attorneys.
- Soberal’s attorney Eric MacMichael wrote in the motion that this is the first continuance they have requested, and they do not anticipate requesting any more delays for the sentencing.
Go deeper: Soberal also penned an apology email to one of the investors that was defrauded by the company, according to a report by GV Wire.
- The letter was dated July 26 and reads as follows:
I will not pretend to have any understanding of what it is like to see my name pop up in your inbox. I am writing here to apologize, not because I think that an apology is enough, but because it is something that I owe you.
I lied to you and that harmed you, financially at least, and possibly in other ways that I am unaware of. I am deeply sorry for my wrong actions. I also understand that this may feel long overdue. It is. I apologize for that also.
In neither case do I expect or feel entitled to your forgiveness.
If ever it would be helpful to connect by phone or video, please let me know.
Best,
Jake
Flashback: That letter was sent after Soberal and Olguin wrote an apology letter to their former employees and investors earlier in July, following their guilty pleas, which was the first time either of them had spoken publicly since the company went under.
- In that letter, the duo admitted that they lied to lenders and investors “in egregious ways” and they were “deeply sorry.”
What we’re watching: Both Soberal and Olguin face a maximum of 20 years in prison each for their crimes.
- The plea deal stipulates that they will not request less than five years in prison when they are sentenced.
- They also agreed to pay $115 million in restitution.
