Home / Crime and Justice / Mercer Island CFO Steals $35M, Loses It All in Crypto Gamble
Mercer Island CFO Steals $35M, Loses It All in Crypto Gamble
14 Nov
Summary
- Mercer Island man convicted of wire fraud for stealing $35M
- Funds were diverted to his own cryptocurrency business
- Losses occurred within a month as investments plummeted
In November 2025, a Mercer Island man named Nevin Shetty was found guilty of four counts of wire fraud after stealing $35 million from his former employer to fund his own cryptocurrency business. Shetty, who was hired as the CFO of a private software company in March 2021, secretly moved the company's funds to a platform he controlled, despite the company's policy of only investing in conservative, FDIC-insured accounts.
Shetty created his own company, HighTower Treasury, in February 2022 and transferred the $35 million to it in April 2022. He then invested the funds in high-yield decentralized finance (DeFi) lending protocols, hoping to generate a 20% return and keep the profits for himself. However, within a month, Shetty's initial $35 million investment had dwindled to nearly $0. Shetty confessed his actions to two fellow executives, and he was immediately fired.
The company later reported the embezzlement to the FBI, leading to Shetty's conviction. U.S. Attorney Neil Floyd stated that Shetty "exploited his position of power and trust in an attempt to profit from his crime and then lied to cover it up."
