FRESNO, Calif.
A Fresno man has pleaded guilty to conspiracy to commit wire fraud in two schemes that caused approximately $45 million in investor losses, federal prosecutors announced this week.
David Hardcastle, 61, admitted his role in separate fraud operations involving a high-interest loan scheme and a real estate investment fund, according to the U.S. Attorney’s Office.
In one case, Hardcastle and a partner used a company called Startop Investments LLC to loan about $20 million to Bitwise Industries. Prosecutors said they altered loan documents and forged a company executive’s signature to make the investments appear less risky, allowing them to sell the loans to outside investors.
They also concealed a $700,000 interest reserve, later diverting those funds into unrelated investments without investor approval. When Bitwise collapsed in May 2023, investors lost nearly all their money.
In a separate scheme, Hardcastle served as CEO of Voyager Pacific Capital Management, where he misled investors about how funds would be used. Instead of legitimate investments, money was used to pay earlier investors and for personal expenses — a hallmark of a Ponzi scheme.
Prosecutors said Hardcastle and others also conducted sham property sales to inflate the fund’s value and continue collecting fees.
Quick Facts:
- Defendant: David Hardcastle, 61, of Fresno
- Total losses: About $45 million
- Loan scheme losses: Nearly $20 million
- Maximum penalty: 20 years in prison, $250,000 fine
- Sentencing date: Sept. 14, 2026
Hardcastle faces up to 20 years in prison. His sentence will be determined by a federal judge based on sentencing guidelines and other factors.