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

Nevin Shetty, the former CFO of a software company, was convicted of wire fraud after embezzling $35 million from his employer and investing it into his own cryptocurrency platform. Following concerns about his performance that led to his impending termination, Shetty moved the funds to HighTower Treasury, a crypto venture he developed. Initially, his investments in decentralized finance (DeFi) lending protocols yielded a profit of over $133,000. However, the collapse of the Terra stablecoin in May 2022 wiped out significant value, leaving Shetty's investments near worthless. After losing nearly all the money, he informed colleagues about the situation and was subsequently fired. A federal jury found him guilty on four counts of wire fraud. Sentencing is scheduled for February, with Shetty facing up to 20 years in prison.

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