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Bitwise Industries

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business2 years ago

Former Co-CEOs of Tech Start-Up Bitwise Industries Charged by SEC for Falsifying Documents in $70 Million Fundraising

The former co-CEOs of tech start-up Bitwise Industries, Jake Soberal and Irma Olguin, have been charged by the Securities and Exchange Commission (SEC) for misleading investors and falsifying documents while raising $70 million in funding. The SEC alleges that Soberal and Olguin provided investors with falsified bank records and a fake audit report, inflating cash balances and revenues to present Bitwise as a healthy and growing business. However, the company faced constant cash shortages and terminated all personnel in May 2023. Soberal and Olguin have agreed to resolve the charges, and criminal charges have also been filed by the U.S. Attorney's Office.

via SEC.gov|
#bitwise-industries#business#fraud
business2 years ago

Bitwise Industries Faces Bankruptcy and FBI Investigation

Tech company Bitwise Industries has filed for Chapter 7 bankruptcy, also known as liquidation bankruptcy, in the United States Bankruptcy Court for the District of Delaware. The filing includes 17 pages of creditors, including employees owed back pay and clients such as the Fresno Chaffee Zoo and the Central Valley Food bank. Bitwise is currently facing a federal criminal investigation, and is also being sued by an investor for not repaying a $6 million loan.

via KFSN-TV|
#bitwise-industries#business#chapter-7-bankruptcy
business2 years ago

Bitwise Industries Faces Turmoil and Uncertainty Amid CEO Shake-Up and Business Model Criticism.

The CEOs and co-founders of Bitwise Industries, a Fresno tech incubation and training startup, have been fired as the company faces financial troubles and furloughs all 900 of its employees. The board of directors voted to fire the co-founders as they conduct an investigation into the circumstances surrounding the company’s collapse. Bitwise had raised $180 million in funding over the last decade, but reports indicate that the company had failed to pay its city business license taxes and was behind on lease payments.

via SFGATE|
#bitwise-industries#business#ceos-fired
business2 years ago

Bitwise Industries' Board Terminates Co-CEOs Amid Financial Struggles

Bitwise Industries, a tech and commercial real estate company, has fired its co-CEOs, including a University of Toledo graduate, amid financial troubles that led to the furlough of its entire staff of 900 employees and suspension of operations. The company was in the final stages of renovating the former Jefferson Center in Toledo to be a place where it could train people to work in the tech industry. The future of the Jefferson Center project is now in limbo, and local officials are scrambling to figure out what's next.

via WTVG|
#bitwise-industries#business#ceo-firings
business2 years ago

Bitwise Industries faces turmoil and potential eviction amidst leadership changes and funding concerns.

Bitwise Industries' Board of Directors has terminated the company's co-CEOs, Jake Soberal and Irma L. Olguin, Jr., effective immediately. The Board has initiated an investigation into what led to the mass furloughs. The announcement was made via email sent by the company's new Interim President, Ollen Douglass to employees and contractors.

via KMPH Fox 26|
#bitwise-industries#board-of-directors#business