NOTE: The video in this story is from an earlier report.
SAN FRANCISCO, Calif. (KSEE/KGPE) – One of the former co-CEOs of Bitwise has been banned from practicing law in California after he was disbarred by the state, officials confirmed on Wednesday.
Jake Soberal was summarily disbarred in October following his felony criminal conviction for two counts of wire fraud, according to the State Bar of California. Officials add that Soberal made “false and fraudulent representations” about Bitwise’s finances to mislead investors and lenders into believing the company was successful when it was actually failing.
Bitwise Furloughs: YourCentralValley.com’s complete coverage
Soberal reported to prison in March 2025, along with fellow co-CEO Irma Olguin Jr., after both were sentenced to wire fraud and conspiracy to commit wire fraud following the collapse of Bitwise. Soberal was sentenced to 11 years in federal prison, compared to Olguin’s nine years in federal prison; Soberal’s longer sentence was due to his background as a licensed attorney…