Bitwise

Bitwise is a global technology consulting firm focused on digital transformation through advanced data solutions.

CCI Score

-72.71

0.04% April 18

Latest Event

Bitwise Founders Sentenced for Wire Fraud

Former co-CEOs Jake Soberal and Irma Olguin Jr. pleaded guilty to wire fraud and conspiracy, leading to federal prison sentences and an order for $114.6 million in restitution. The collapse of Bitwise resulted in the furlough and eventual layoff of 900 employees, starkly undermining the company’s commitment to community and ethical business practices.

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ARCHITECT

Bitwise is currently rated as an Architect.

-60 to -100 CCI Score

Companies in this category are instrumental in designing and executing authoritarian rule. They actively create and implement frameworks that sustain oppressive policies, wielding considerable influence in shaping autocratic systems.

Latest Events

MAR

18

2025

Bitwise Founders Sentenced for Wire Fraud
-79.31

Former co-CEOs Jake Soberal and Irma Olguin Jr. pleaded guilty to wire fraud and conspiracy, leading to federal prison sentences and an order for $114.6 million in restitution. The collapse of Bitwise resulted in the furlough and eventual layoff of 900 employees, starkly undermining the company’s commitment to community and ethical business practices.
-80

Business Practices and Ethical Responsibility

March 28

The sentencing of Bitwise founders for wire fraud and conspiracy highlights a severe breach in business practices and ethical responsibility. Their fraudulent financial dealings not only deceived investors but also led to the collapse of the company, devastating the livelihoods of 900 employees and betraying community trust, including commitments to support underrepresented groups.

Bitwise founders report to federal prison for wire fraud
DEC

17

2024

Bitwise Founders Sentenced for $115 Million Fraud
-77.36

Founders Jake Soberal and Irma Olguin, Jr. of Bitwise Industries were sentenced to 11 and 9 years in prison respectively after being convicted of orchestrating a massive fraud that defrauded investors of approximately $115 million, leading to nearly 1,000 employees and contractors losing their jobs.
-80

Business Practices and Ethical Responsibility

March 28

The sentencing of Bitwise founders for conducting a large-scale fraud demonstrates deeply unethical business practices that resulted in significant financial harm to investors and severe job losses. Their actions involved misrepresentation of financial statements and fraudulent behavior that undermined trust and destabilized the livelihoods of many employees, reflecting a strong negative impact on business ethics.

Bitwise Founders Sentenced to 11 Years and 9 Years in Prison for $115 Million Fraud
JUL

17

2024

Bitwise Founders Guilty of $115M Fraud Scheme
-64.91

Bitwise founders pleaded guilty to charges of conspiring to commit wire fraud, admitting to defrauding investors and lenders by falsifying financial records, which contributed to the company’s collapse.
-70

Business Practices and Ethical Responsibility

March 28

The fraudulent activities conducted by the company’s founders highlight serious ethical breaches in business practices. By manipulating financial records and misleading investors, the leadership undermined corporate transparency and accountability, which is a core aspect of ethical responsibility in business.

Bitwise Founders Plead Guilty to $115 Million Fraud Scheme
NOV

09

2023

Bitwise Founders Charged with $100M Fraud Scheme
-69.25

On November 9, 2023, Bitwise founders Irma Olguin, Jr. and Jake Soberal self-surrendered in Fresno, CA, facing federal charges for allegedly orchestrating a $100 million fraud scheme. The complaint alleges that the founders fabricated bank statements, misrepresented financial data to board members, investors, and lenders, and used assets no longer owned by the company as collateral for loans. This fraudulent behavior contributed to the abrupt collapse of the company, leading to the immediate furlough and subsequent layoff of approximately 900 employees, impacting vulnerable communities.
-80

Business Practices and Ethical Responsibility

March 28

The fraudulent activities conducted by Bitwise's founders represent a severe breach of ethical business practices. Fabricating financial statements and misleading key stakeholders not only violate principles of corporate transparency and accountability but also result in significant harm to employees and local communities when the company collapsed, leading to the layoff of 900 workers.

Bitwise founders Irma Olguin, Jr. and Jake Soberal charged for $100 million fraud scheme