Key Takeaways
- • David Hardcastle, 62, pleaded guilty to conspiracy to commit wire fraud involving approximately $45 million in investor losses across two separate schemes, facing a maximum sentence of 20 years in prison and a $250,000 fine.
- • $20 million Bitwise Industries hard-money loan scheme: Hardcastle defrauded investors by falsifying loan documents and forging the signature of Bitwise Co-CEO Jake Soberal to make high-risk loans appear less risky and more attractive to institutional and individual investors.
- • Parallel $25 million Ponzi scheme through Voyager Pacific Capital Management: Between June 2020 and January 2025, Hardcastle—serving as general partner and CEO of the Florida-based real estate investment firm—misrepresented that investor capital would be deployed into homes, land, and tax liens, while actually using funds to pay fictitious returns and cover personal expenses.
- • Co-conspirator sentenced: An accomplice identified as Adler was sentenced in June 2025 to three years and five months in prison, ordered to pay $9.3 million in joint restitution with other Bitwise defendants, and required to forfeit $1 million.
- • Forged documentation and falsified financial statements were central to both schemes, with fake performance reports submitted to investors claiming strong fund performance when assets were substantially depleted.
Summary
David Hardcastle, a 62-year-old Fresno businessman, pleaded guilty in federal court on Monday to conspiracy to commit wire fraud in connection with two large-scale investment schemes totaling approximately $45 million in investor losses. His guilty plea resolves charges related to defrauding investors through falsified hard-money loans to Bitwise Industries and a parallel Ponzi scheme operated through Voyager Pacific Capital Management, a Florida-based real estate investment firm where Hardcastle served as general partner and chief executive officer.
In the Bitwise Industries scheme, Hardcastle and co-conspirators defrauded investors of approximately $20 million through high-interest hard-money loans. Court documents reveal that the defendants forged the signature of Bitwise Co-CEO Jake Soberal on altered loan documents to make the transactions appear less risky and more appealing to potential investors. This misrepresentation of creditworthiness and loan quality was central to attracting institutional and individual capital into what were, in fact, non-performing assets.
The second scheme operated through Voyager Pacific Capital Management between June 2020 and January 2025, involving approximately $25 million in investor funds. Hardcastle and others falsely represented to investors that capital would be deployed to acquire homes, land, and tax liens. Instead, the funds were diverted to pay promised returns to existing investors (a hallmark of Ponzi structure), finance personal investments, and cover improper expenses. Investors were provided with fabricated financial statements falsely indicating strong fund performance when the underlying assets had substantially deteriorated.
A co-conspirator identified as Adler has already been sentenced, receiving three years and five months in prison on June 2, 2025, with orders to pay $9.3 million in joint and several restitution alongside other Bitwise defendants and to forfeit $1 million. Hardcastle faces a maximum sentence of 20 years in prison and a $250,000 fine on the conspiracy to commit wire fraud charge. Sentencing before U.S. District Judge Jennifer L. is pending.
In the Bitwise Industries scheme, Hardcastle and co-conspirators defrauded investors of approximately $20 million through high-interest hard-money loans. Court documents reveal that the defendants forged the signature of Bitwise Co-CEO Jake Soberal on altered loan documents to make the transactions appear less risky and more appealing to potential investors. This misrepresentation of creditworthiness and loan quality was central to attracting institutional and individual capital into what were, in fact, non-performing assets.
The second scheme operated through Voyager Pacific Capital Management between June 2020 and January 2025, involving approximately $25 million in investor funds. Hardcastle and others falsely represented to investors that capital would be deployed to acquire homes, land, and tax liens. Instead, the funds were diverted to pay promised returns to existing investors (a hallmark of Ponzi structure), finance personal investments, and cover improper expenses. Investors were provided with fabricated financial statements falsely indicating strong fund performance when the underlying assets had substantially deteriorated.
A co-conspirator identified as Adler has already been sentenced, receiving three years and five months in prison on June 2, 2025, with orders to pay $9.3 million in joint and several restitution alongside other Bitwise defendants and to forfeit $1 million. Hardcastle faces a maximum sentence of 20 years in prison and a $250,000 fine on the conspiracy to commit wire fraud charge. Sentencing before U.S. District Judge Jennifer L. is pending.
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