FRESNO, Calif. (FOX26) — A Fresno man has pleaded guilty to his role in two fraud schemes that caused about $45 million in losses.
61-year-old David Hardcastle admitted to conspiracy to commit wire fraud, federal prosecutors said.
In one case, Hardcastle and a partner, Andrew Adler of Connecticut, loaned about $20 million to Bitwise Industries, then sold those loans to investors using altered documents that understated the true interest rates and included a forged executive signature.
When Bitwise collapsed in 2023, investors lost most of their money.
In a separate scheme, Hardcastle used his role at a real estate investment firm to run a Ponzi-style operation—using new investor money to pay returns to others while providing false financial reports and inflating property values.
Hardcastle faces up to 20 years in prison and a $250,000 fine at sentencing on September 14.
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Adler previously pleaded guilty and was sentenced in June 2025 to just over three years in prison.