The former CFO funneled around $35 million from the start up company he managed to a cryptocurrency platform which he personally operated.
Nevin Shetty, a former Chief Financial Officer at a Seattle start-up company, wasThe indictment alleges that Shetty, 39, diverted approximately $35 million from the start-up company's coffers to a cryptocurrency platform under his personal control. Shetty reportedly established this platform, known as HighTower Treasury, in February 2022, shortly before being notified of his impending departure as CFO due to concerns regarding his performance.
During the period from April 1 to April 12, 2022, Shetty allegedly transferred a substantial amount of $35,000,100 from his employers to an account linked to HighTower, without the knowledge of any other individuals within the company. The alleged purpose behind this transaction was for HighTower to allocate the funds towards investments within the decentralized finance sector of the cryptocurrency market.
Prosecutors say that the value of Shetty's cryptocurrency investments began to decline rapidly, and by May 13, 2022, the $35 million investment had essentially become worthless. Upon discovering the embezzlement, the start-up company promptly reported the incident to the Federal Bureau of Investigation , triggering an investigation into the matter. If convicted of wire fraud, Shetty could face a maximum sentence of 20 years in prison. He is expected to be arraigned on May 25, 2023.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lyft names Schwab veteran Erin Brewer as new CFORide-hailing service Lyft Inc. on Tuesday said that Erin Brewer will become the company’s new chief financial officer on July 10. She will replace Elaine...
Read more »
Lyft says CFO Paul to step down, appoints replacementLyft Inc said on Tuesday Erin Brewer will replace chief financial officer Elaine Paul, who is leaving the ride hailing company months after a new CEO was appointed.
Read more »
CFO who stole $833K from N.J. company avoids jail after repaying moneyThe 60-year-old from Brick wrote checks to himself for two years.
Read more »
Tesla CFO Zachary Kirkhorn's Quiet Leadership Proves Huge SuccessSince 2019, scaling EV production from a financial standpoint has been the work of Tesla’s CFO Kirkhorn. He's helped Tesla's value grow from $50 to $500 billion.
Read more »
Disney Content Spending in 2023 May Be Lower Because of Writers Strike, CFO SaysDisney has pegged total cash content spending at around $30 billion for this year — but the ongoing Writers Guild of America strike may drive that down, CFO Christine McCarthy said. “If…
Read more »
Former Utes diver arrested after fleeing country during rape investigationA former University of Utah diver who fled the U.S. during a rape investigation has reportedly been arrested weeks after he disappeared from campus.
Read more »