FRESNO, Calif. (KSEE/KGPE) - The former co-CEOs of the now defunct Bitwise Industries, Jake Soberal and Irma Olguin Jr., were sentenced to years behind bars in federal court in Fresno on Tuesday. Jake Soberal and Irma Olguin Jr. changed their pleas to guilty in July, in response to the charges of wire fraud and conspiracy to commit wire fraud - agreeing to a deal with federal prosecutors. Former Bitwise CEOs change plea to guilty: all you need to know On Tuesday, Jake Soberal was sentenced to 11 years in federal prison; Irma Olguin Jr. was sentenced to nine years in federal prison. Both will also receive three years of supervised release. Soberal received a longer sentence because the judge took into account that he was previously a licensed attorney in the State of California. The judge stated that Soberal should have known better. The sentence handed down to both Jake Soberal and Irma Olguin Jr. was much higher than the five years the defense was asking for, which argued that the pair's actions were "to help people" and to pay them. However, the sentence was not as high as prosecutors recommended, which was 12 years in federal prison. Prosecutors argued that the defendants knew exactly what they were doing when they stole over $100 million from investors, giving six-figure salaries to family members and friends. Soberal and Olguin were not taken into custody on Tuesday: they have 90 to issue an appeal to federal officials. They will also be required to forfeit all assets to cover at least some of the restitution costs.