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“I wouldn’t be a bit surprised if there wasn’t some kind of federal criminal investigation that follows as well,” Fresno Mayor Jerry Dyer said.
Bitwise Industries was an American company focused on computer programming instruction, technology sales, and real estate operations. Founded in 2013 by Irma Olguin Jr. and Jake Soberal in Fresno , the company grew to have campuses in additional cities before furloughing its workforce and terminating the co-CEOs in June 2023.
Bitwise’s brand was prominently displayed on many of its properties, but what was less known publicly is that most of the company’s California real estate was not wholly owned by the company.
If convicted, authorities reported that Jake Soberal and Irma Olguin could each face a maximum penalty of 20 years in prison and a $250,000 fine, depending on what a judge ultimately determines.
(For example, 500 shares at $32 may become 1000 shares at $16.) Many major firms like to keep their price in the $25 to $75 price range. A US share must be priced at $1 or more to be covered by NASDAQ. If the share price falls below that level, the stock is "delisted" and becomes an OTC (over the counter stock). A stock must have a price of $1 ...
Authorities reported that they could each face a maximum penalty of 20 years in prison.
DocStar was formerly known as BitWise Designs Inc. and was founded in 1985, by Rensselaer Polytechnic Institute students John Botti and Ira Whitman. In 1992, BitWise began public trading under the stock symbol BTWS. In 1994, the document imaging division of BitWise was founded as DocStar.
That’s where Fresno-based BW Industries Inc., the embattled parent company of Bitwise Industies and other associated companies, was incorporated and filed for bankruptcy on June 28.