CFO Convicted for Losing $35 Million of Company Money in Crypto Side Hustle

Nevin Shetty, the former CFO of a software firm, was convicted of wire fraud for misappropriating $35 million in company funds. After learning he would soon be dismissed due to performance issues, Shetty funneled the funds into his own crypto platform, HighTower Treasury. Initially, this risky move led to profits of over $133,000, but the collapse of the Terra stablecoin in May 2022 wiped out nearly all of his investments, reducing them to near-zero. Shetty informed his colleagues of the failed scheme shortly after the losses, which led to his dismissal. Following a federal jury trial that lasted ten hours, he was found guilty on four counts of wire fraud. He will be sentenced in February and faces a maximum of 20 years in prison.

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