Former CFO of a software company convicted of fraud after embezzling $35 million and losing it all in DeFi investments
According to ChainCatcher, citing Decrypt, former software company CFO in Washington State, Nevin Shetty, was found guilty by a federal jury on four counts of wire fraud for transferring $35 million of company funds without authorization to his self-built crypto platform and investing in high-risk DeFi protocols.
In 2022, after learning he would be dismissed, Shetty secretly transferred company funds, initially making a profit of about $133,000, but after the collapse of the Terra ecosystem in May 2022, the investment was nearly wiped out. He subsequently admitted to his actions and was fired by the company. Shetty will be sentenced in February next year and faces up to 20 years in prison.
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