PANews reported on November 15th that, according to Decrypt, Nevin Shetty, former CFO of a software company in Washington state, was convicted by a federal jury of four counts of wire fraud for misappropriating $35 million of company funds to invest in his self-built crypto platform and high-risk DeFi protocols. Shetty secretly transferred company funds in 2022 after learning he would be fired, initially profiting approximately $133,000, but his investment was almost wiped out after the Terra ecosystem collapsed in May 2022. He subsequently pleaded guilty and was fired. Shetty will be sentenced next February and could face up to 20 years in prison.PANews reported on November 15th that, according to Decrypt, Nevin Shetty, former CFO of a software company in Washington state, was convicted by a federal jury of four counts of wire fraud for misappropriating $35 million of company funds to invest in his self-built crypto platform and high-risk DeFi protocols. Shetty secretly transferred company funds in 2022 after learning he would be fired, initially profiting approximately $133,000, but his investment was almost wiped out after the Terra ecosystem collapsed in May 2022. He subsequently pleaded guilty and was fired. Shetty will be sentenced next February and could face up to 20 years in prison.
A former CFO of a software company was convicted of fraud after embezzling $35 million to invest in DeFi and losing it all.
PANews reported on November 15th that, according to Decrypt, Nevin Shetty, former CFO of a software company in Washington state, was convicted by a federal jury of four counts of wire fraud for misappropriating $35 million of company funds to invest in his self-built crypto platform and high-risk DeFi protocols. Shetty secretly transferred company funds in 2022 after learning he would be fired, initially profiting approximately $133,000, but his investment was almost wiped out after the Terra ecosystem collapsed in May 2022. He subsequently pleaded guilty and was fired. Shetty will be sentenced next February and could face up to 20 years in prison.
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