The $35 Million Crypto Crime: Ex-CFO’s Greed Backfires Spectacularly

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The former CFO of a once-promising software company has been found guilty of committing the kind of fraud that could make a Bond villain jealous. It turns out, instead of staying on the straight and narrow, he decided to fund his own little crypto venture with the company’s money. A cool $35 million-poof!-vanished. And like a bad magic trick, it all came crashing down.

Crypto Side Hustle Gone Wrong

In a press release that was probably not what Nevin Shetty hoped to hear, the US Attorney’s Office for the Western District of Washington confirmed that the ex-CFO was convicted for wire fraud after taking a hefty sum from his employer. The man, who hailed from the well-to-do Mercer Island, Washington, was working as the CFO of a private software company in March 2021 when he took the company’s cash and decided to try his luck in the world of cryptocurrencies.

The company had laid down some rather clear investment guidelines: the money raised should be safely parked in money markets or low-risk options. But Nevin had other ideas-because why follow rules when you can create your own? In February 2022, he transferred a staggering $35 million to HighTower Treasury, a crypto platform he co-founded with a partner. This wasn’t a random mistake; Shetty had been under scrutiny for a while, and it’s safe to say he knew the walls were closing in.

Here’s where it gets really interesting (and tragic for him): the company’s executives had raised some flags about his performance, hinting that his days as CFO were numbered. And instead of using this as a wake-up call, Shetty decided to steal and run. After being told his job was on the line, he swiftly moved the funds to his own crypto platform. Between April 1 and April 12, 2022, a cool $35,000,100 was transferred to HighTower Treasury-no one at the company was any wiser.

To add insult to injury, Shetty placed the funds in a DeFi lending protocol that promised eye-popping 20% returns. This wasn’t exactly your grandma’s savings account. At first, things went swimmingly, with $133,000 made in the first month. But as we all know, crypto is more roller coaster than stable income. By May 13, 2022, the account balance had gone from a lofty high to a crushing zero. Oops.

Shetty was fired, naturally, and had to confess his little escapade to his colleagues. The company wasn’t having any of it, so they quickly alerted the FBI, who launched a full investigation into the matter. And so, the wheels of justice began to turn.

Shetty Awaits Sentencing

Fast forward to November 7, 2025, and after a lengthy trial, Shetty was convicted of four counts of wire fraud. The jury deliberated for a grueling 10 hours, and in the end, the ex-CFO’s fate was sealed. Judge Tana Lin, sitting on the US District Court, scheduled his sentencing for February 11, 2026. So, for Shetty, it’s not over yet. The man’s future will be decided as the judge weighs his actions-and the consequences of draining an entire company’s funds.

Each count of wire fraud carries a maximum sentence of 20 years. But, before you start picturing him spending the next 80 years in jail, note that federal sentences don’t always stack up like that. The judge will take into account various factors like the amount lost, Shetty’s role in the fraud, and-just maybe-his criminal history (which, spoiler alert, likely includes an unhealthy dose of arrogance). He might not get the full 80 years, but you can bet he’ll get something far worse than a few crypto profits.

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2025-11-15 17:44