FRESNO, Calif. (KMJ/KFSN) — Two men have been indicted on wire fraud charges.
They’re accused of swindling investors with loans made to the failed Fresno-based startup company, Bitwise.
61-year-old David Hardcastle of Fresno and 31-year-old Andrew Adler of Connecticut are accused of luring investors and giving Bitwise $20 million in loans.
In doing so, they allegedly altered the original loan documents and forged the signature of Bitwise Co-CEO, Jake Soberal, to make the loans appear less risky.
The business 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.
Bitwise did not repay the loans before collapsing in 2023 and as a result, the investors lost nearly all of their money.
Hardcastle and Adler face 20 years in prison if convicted.
