David Taub speaks to the Fresno Rotary Club on Monday about his reporting on Bitwise Industries's downfall. Photo by Gabriel Dillard

David Taub, senior reporter for GV Wire in Fresno, spoke to the Fresno Rotary Club Monday about the demise of Bitwise Industries a year ago.

Taub broke the story, sharing that it was initiated by tips that Bitwise had failed to pay its property taxes. Taub extensively covered the chain of events that followed including mass layoffs, bankruptcy, nearly a dozen lawsuits and ongoing criminal charges for Bitwise co-CEOs Irma Olguin Jr. and Jake Soberal.

Their next federal court date in Fresno is July 18, with many speculating a plea deal is in the works for the charges they perpetrated a $100 million fraud scheme.

Considering the amount of money that is part of the government’s case against the former Bitwise CEOs, Taub said he could find no evidence that they enriched themselves in the alleged fraud scheme — short of maybe a new Tesla for Soberal and a second home in Oregon for Olguin.

“It’s nice, but not Carmel-by-the-Sea nice,” Taub said about Olguin’s home.

The Rotary group he spoke to included members who are creditors of Bitwise.

Taub believes that Bitwise operated as a standard venture-capital funded startup with a goal to pay employees well and burn through cash to show a need for even more founding.

“Bitwise didn’t go under a regular business model,” Taub said.