US EditionFormer CFO Sentenced to 2 Years in Prison for $35 Million Fraud
Nevin Shetty was sentenced to two years and ordered to pay $35 million in restitution after diverting funds to a failed crypto venture that cost 60 jobs, prosecutors said.
- On March 5, 2026, Nevin Shetty was sentenced to two years in federal prison in Seattle after being convicted on four counts of wire fraud.
- Nevin Shetty secretly diverted Fabric's funds into HighTower Treasury, a crypto venture he controlled, placing money in DeFi platforms promising 20% returns while planning to pay Fabric 6% interest.
- Through HighTower Treasury, the venture showed a roughly $133,000 profit in the first month before the crypto investments collapsed by May 2022, wiping out nearly all funds.
- The U.S. District Court judge ordered Shetty to pay $35,000,100 in restitution and barred him from serving as an officer or director without probation office approval.
- Fabric responded to the loss by laying off 60 employees, while prosecutors sought a nine-year sentence calling the scheme motivated by greed, and defense attorneys signaled plans to appeal.
14 Articles
14 Articles
Islander sentenced to two years in prison for embezzling $35 million from former company
Four months after being convicted on four counts of wire fraud, Mercer Island’s Nevin Shetty received a two-year prison sentence on March 5 in U.S. District Court in Seattle.
DOJ: Former CFO sentenced to two years in prison for $35 million theft from start-up tech firm
A Mercer Island man was sentenced to two years in prison for four counts of wire fraud after prosecutors said he took and misused over $35 million from his former employer.
CFO Jailed After Secretly Moving $35 Million In Company Funds Into Crypto Investments
A former CFO in the United States has been sentenced to prison after secretly moving millions from his employer into crypto investments.Nevin Shetty, a 42-year-old man from Mercer Island in Washington, has been sentenced to two years in prison by a federal court in Seattle. He was convicted of four counts of wire fraud after misusing about $35 million belonging to the software company where he worked as chief financial officer. Source: Geekwire…
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
