FRESNO, Calif. (KFSN/KMJ) – Another domino has fallen in the collapse of Bitwise Industries.
Andrew Adler entered a guilty plea Monday to conspiracy to commit wire fraud.
Adler, 31, admitted he defrauded investors with loans made to the failed Fresno-based startup.
He and his business partner, David Hardcastle, are accused of luring investors and giving Bitwise about $20 million in loans. Hardcastle is charged in a separate indictment, and those charges are pending.
Court records say the two altered the original loan documents and forged the signature of Bitwise Co-CEO, Jake Soberal, to make the loans appear less risky to investors.
The partners are also accused of investing in another company with interest reserves meant to pay investors back if the borrower failed to repay the loan.
When Bitwise collapsed in 2023, the investors lost nearly all of their money. Soberal was sentenced to 11 years in prison while his Co-CEO Irma Olguin Jr. will serve 9 years.
Adler is set to be sentenced on June 2. He faces up to 20 years in prison, plus a $250,000 fine.
