The former CEOs of Bitwise Industries learned their fate for defrauding tech investors $115 million on Tuesday morning at the downtown Fresno federal courthouse.

Jake Soberal received a sentence of 132 months, or 11 years. Irma Olguin Jr. was sentenced to 108 months, or nine years.

The difference is sentences is because Soberal was a licensed lawyer at the time of the fraud crimes while Olguin was an engineer.

Soberal and Olguin were ordered to surrender to federal authorities to begin their sentences by March 18.

Neither Soberal nor Olguin commented on their sentences as they exited the courtroom and headed to the pretrial services office.

Their family members also declined to comment after the sentencing.

(This story will be updated today.)

A packed courtroom heard victim impact statements and also character testimony. Olguin, 44, and Soberal, 38, pleaded guilty to two wire fraud accounts each last July.

Prosecutors accused Olguin and Soberal of lying to investors and forging financial records to keep the company afloat. The tech and real estate startup based in Fresno won acclaim from the business and social equity world for the company's mission to hire and bring tech training to the unserved.

But the idealistic plans ran into financial realities. With a starting salary of $70,000 for every employee, Bitwise could not make payroll, nor pay its property taxes, as GV Wire reported when it broke the story in May 2023.

The government accused Bitwise of using forged documents to induce loans from several investors. Olguin and Soberal also lied to their own board of directors, painting an optimistic financial picture instead of the impending doom.

Related Story: What Is Justice in the Bitwise Case? 5 Years or 12 Years in Prison for CEOs?