Fresno Hard Money Lender Pleads Guilty in $45 Million Fraud Involving Bitwise Industries and Voyager Pacific Capital Management
On Monday, April 20, 2026, David Hardcastle, a 61-year-old hard money lender from Fresno, California, pleaded guilty to conspiracy to commit wire fraud in two separate cases involving Bitwise Industries and Voyager Pacific Capital Management. The plea, announced by the U.S. Attorney’s Office for the Eastern District of California, admits to schemes that caused approximately $45 million in combined investor losses.
Background on the Fraud Schemes
The first scheme centered on Bitwise Industries, a Fresno-based technology company that filed for Chapter 7 bankruptcy protection in Delaware in 2023. Hardcastle, through his entity Startop Investments LLC (operated with Andrew Adler), facilitated approximately $20 million in high-interest loans to Bitwise. Prosecutors alleged that Hardcastle and Adler altered loan documents to misrepresent risk, forged the signature of Bitwise Co-CEO Jake Soberal, and failed to disclose key terms including higher interest rates and a $700,000 interest reserve. When Bitwise collapsed in 2023, investors lost nearly all of their funds.
The second scheme involved Voyager Pacific Capital Management, a Florida-based real estate investment firm where Hardcastle served as CEO. Between 2020 and 2025, Hardcastle and others operated Voyager’s Opportunity Fund II as a Ponzi-style arrangement, using new investor funds to pay returns to existing participants. Court documents confirm this structure violated securities laws and defrauded investors of additional millions.
Legal Proceedings and Sentencing Context
Andrew Adler, Hardcastle’s co-conspirator in the Bitwise scheme, had previously pleaded guilty and was sentenced in June 2025 to three years and five months in prison. Separately, former Bitwise executives Jake Soberal and Irma Olguin Jr. Were sentenced in 2024 for an unrelated $115 million fraud involving investors, and lenders. Hardcastle’s guilty plea resolves both cases without trial, though sentencing remains pending.
Understanding Wire Fraud Conspiracy Charges
Wire fraud conspiracy is a federal offense requiring prosecutors to prove that the defendant knowingly participated in a scheme to defraud using interstate communications such as phone calls, emails, or electronic transfers. The charge applies when two or more individuals agree to commit fraud, allowing prosecutors to hold each participant liable for the actions of the group. In complex financial cases like this, conspiracy charges enable broader accountability across multiple defendants and interconnected fraudulent acts.
Impact on Investors and Industry Outlook
The $45 million in losses underscores the risks associated with opaque lending practices and inadequate due diligence in alternative investment spaces. Industry experts note that such cases highlight the need for greater transparency in private lending, stricter verification of loan documentation, and enhanced investor education regarding high-risk opportunities. While the guilty plea provides accountability, full restitution for affected investors remains uncertain.
As of April 21, 2026, Hardcastle awaits sentencing. The case adds to the ongoing fallout from Bitwise Industries’ collapse, which continues to generate legal and financial repercussions across related ventures.