Our Bitwise podcast just launched. It’s a can’t-miss on Fresno’s $100M financial scandal
Over Memorial Day weekend 2023, senior reporter Tim Sheehan received a call from a Bitwise representative – the cofounders of the decade-old company wanted to talk for an exclusive story.
What came next was the start of an 18-month saga for Fresno, hundreds of Bitwise employees, and several other involved cities. Sheehan that Monday night interviewed Jake Soberal and Irma Olguin Jr., co-founders and co-CEOs. They told him their tech company was undergoing a financial crisis and that more than 900 workers were being furloughed. They described the action as “temporary.”
That’s pretty big news, but it was just the start.
Sheehan, along with then-courts reporter Bob Rodriguez and other members of the newsroom, grabbed hold. Over the next year and a half, The Fresno Bee brought readers every angle of the Bitwise meltdown. On Tuesday, a federal judge sentenced Soberal (11 years) and Olguin Jr. (9 years) to prison terms for what the FBI and prosecutors say was a large-scale Ponzi scheme that bilked investors of more than $100 million.
The Fresno crime could be counted as the last of the big tech implosions that have marked the past 10-20 years. An unwelcome distinction for Fresno.
With so much coverage, over so many months, we decided to create an easily digestible, three-episode, narrative podcast that explains the Bitwise scandal from start to present. Bitwise & Betrayal: Inside the fraud scandal that shook Fresno launched Wednesday, and I highly recommend it. You can find it here, at fresnobee.com and also access it at YouTube, Spotify and other podcast platforms. There’s more information below.
On the podcast, Sheehan and Rodriguez provide their expertise, experiences and voices, explaining how the biggest financial crime in Fresno’s history started unfolding many years ago. It also includes interviews with some main characters and takes listeners through the twists and turns.
It’s always a goal for us to provide a deeper understanding of issues that impact Fresno-area residents. This is a big one, and the toll on Fresno’s collective psyche is certain to be long-lasting. We will always be there to shine a light and encourage as Fresno continues to work to improve its economic profile and take advantage of unique assets here in the Central Valley.
We won’t let Bitwise hold us back.
This story was originally published December 18, 2024 at 12:32 PM with the headline "Our Bitwise podcast just launched. It’s a can’t-miss on Fresno’s $100M financial scandal."
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