Former Seattle startup CFO Nevin Shetty is facing criminal charges for allegedly embezzling $35 million from his employer’s accounts. According to court documents filed in the United States District Court of Seattle, Shetty created his cryptocurrency platform called HighTower Treasury before leaving his post as CFO and transferred the funds to his personal account. Shetty planned to invest the funds in the DeFi market, hoping to secure a 6% interest rate for his company, but his risky investments failed, resulting in significant losses. The startup immediately reported the incident to the FBI, and Shetty faces up to 20 years in prison if convicted of wire fraud. This is not the first case of a former CFO involved in the illicit diversion of company funds into crypto investments this year. In January, the former CFO of two SPACs pleaded guilty to embezzling more than $5 million for trading meme stocks and cryptocurrencies. Despite this news, the crypto market remains stable, with a market value above $1 trillion.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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