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US CFO Embezzles $35 Million Company Investment in DeFi, Receives Two-Year Sentence
Summary: According to reports, Nevin Shetty (42), a man from Washington state, USA, secretly transferred $35 million of company funds into his own DeFi platform, HighTower Treasury, while serving as CFO of a private software company. He invested in high-yield lending protocols, but suffered near-total loss after Terra's collapse. The incident led to the company laying ...
According to reports, Nevin Shetty (42), a man from Washington state, USA, secretly transferred $35 million of company funds into his own DeFi platform, HighTower Treasury, while serving as CFO of a private software company. He invested in high-yield lending protocols, but suffered near-total loss after Terra's collapse.
The incident led to the company laying off 60 employees and almost going bankrupt. Shetty was convicted of four counts of wire fraud, sentenced to two years in prison, ordered to repay $35 million, placed under three years of supervision upon release, and prohibited from holding any executive positions in companies without approval.
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Link: US CFO Embezzles $35 Million Company Investment in DeFi, Receives Two-Year Sentence [Copy]
