Nevin Shetty, a former chief financial officer (CFO) at a Seattle startup, is at the center of a massive cryptocurrency embezzlement scandal.
The disgraced executive has been indicted on wire fraud charges after allegedly diverting approximately $35 million from the company’s funds to a secret crypto platform under his personal control.
Unveiling The Elaborate Scheme
According to the indictment filed in the United States District Court in Seattle, Nevin Shetty stands accused of orchestrating an intricate scheme to divert millions of dollars from his former employer’s accounts.
The indictment filed in the United States District Court in Seattle disclosed that Nevin Shetty is accused of creating his cryptocurrency platform, named HighTower Treasury, during the period leading up to his anticipated departure as CFO. The timing of this setup raises suspicions about his motivations and intentions.
During two weeks in April 2022, Shetty is said to have transferred a staggering $35,000,100 from the company’s accounts to an undisclosed account associated with HighTower Treasury.
What makes this embezzlement particularly audacious is the alleged purpose behind the transaction. Shetty intended to utilize the funds for investments in the decentralized finance (DeFi) market.
By doing so, he aimed to secure a 6% interest rate for his company while retaining the remaining interest for HighTower, resulting in significant profits.
The Downfall And Legal Consequences
Unfortunately for Shetty, his ambitious plan quickly unraveled as his cryptocurrency investments plummeted, rendering the $35-million investment virtually worthless. The decline was so severe that by May 13, 2022, the once-promising venture had turned into a financial disaster.
As soon as the
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Author: Edyme
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