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

Nevin Shetty, former CFO of a software firm, was convicted of wire fraud for misappropriating $35 million from company funds into his own crypto platform shortly after learning he would be fired. Shetty, who had created an investment policy recommending conservative investments, instead moved company money to his crypto business, HighTower Treasury. Initially successful, he generated over $133,000 in profits by investing in high-yield decentralized finance (DeFi) lending protocols. However, the collapse of the Terra stablecoin and the wider crypto market in May 2022 led to a total loss of the investment. After informing colleagues about the losses, he was terminated. Convicted on four counts of wire fraud, Shetty now faces up to 20 years in prison, with sentencing set for February 2026.

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