FRESNO, Calif. (KMJ/KFSN) — A 31-year-old man is headed to prison after admitting to defrauding investors with loans made to the failed Fresno-based startup company Bitwise.
Andrew Adler was sentenced in Federal court this morning in downtown Fresno after pleading guilty in February to conspiracy to commit wire fraud.
Adler was ordered to spend just over three years (41 months) in prison.
He and his business partner, David Hardcastle, were accused of luring investors and giving Bitwise about $20 million in loans.
When Bitwise collapsed in 2023, the investors lost nearly all of their money.
Adler was ordered to turn himself in by the end of September to serve out his time in Pennsylvania.
