Bitwise founders Jake Soberal and Irma Olguin Jr. have agreed to a plea deal with the federal government.
Court documents show that the attorneys for Soberal and Olguin filed a motion in federal court on Tuesday to set a date for a change of plea.
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The big picture: Details of the plea deal were not available as of Wednesday morning, with the motion simply stating that the parties have reached plea agreements.
- The plea deal has been a long time coming, with hearings for the duo having been delayed multiple times already.
- Soberal and Olguin previously pleaded not guilty to conspiring to commit wire fraud and wire fraud.
What we’re watching: Soberal and Olguin will appear in court on July 17 to change their plea.
- They face a maximum of 20 years in prison and $250,000 in fines.
The backstory: The hearing in a couple weeks comes after the former Bitwise co-CEOs pleaded not guilty in federal court last November following the company’s demise in May 2023.
- Federal prosecutors accused Soberal and Olguin of committing wire fraud in excess of $100 million.
- The federal complaint stated that Soberal and Olguin lied to the Bitwise board and investors, saying the company had over $77 million in the bank with revenue over $143 million. Federal prosecutors said those numbers were completely fabricated.
