Former chief financial officer Nevin Shetty has been found guilty of wire fraud after illegally transferring $35 million in company funds to a cryptocurrency project he co-founded. According to the U.S. Attorney’s Office for the Western District of Washington, Shetty secretly funneled the money into HighTower Treasury, a high-risk DeFi platform he helped create, despite strict company policies allowing investment only in low-risk markets.
How the $35 Million Transfer Unfolded
Shetty’s misconduct began shortly after his employer raised concerns about his performance and informed him of his impending termination in March 2022. Before officially leaving the company, he transferred $35 million from corporate accounts to HighTower Treasury. His goal was to chase high returns through a decentralized finance lending protocol.
While the initial investment generated a short-lived gain of $133,000, the funds quickly plummeted, and by May 2022 the entire amount had been lost. The company reported the suspicious activity to the FBI soon after discovering the unauthorized transfer.
Conviction and Upcoming Sentencing
A federal jury convicted Shetty on four counts of wire fraud on November 7, 2025. The verdict follows a detailed investigation revealing clear violations of company policy and deliberate efforts to misuse corporate assets for personal financial ventures. Shetty is scheduled to be sentenced on February 11, 2026, where he could face significant prison time for his actions.
This case stands as a stark reminder of the risks posed by internal financial misconduct and the importance of strong corporate oversight in an era where digital investments can rapidly amplify losses.
