What happened to the $35 million stolen by Nevin Shetty?

Nevin Shetty, the former CFO of a private software company, stole $35 million from his employer and invested it in high-yield cryptocurrency lending protocols. However, within a month, Shetty's initial $35 million investment had gone to nearly $0.

How was Nevin Shetty caught for his crime?

Shetty confessed his actions to two fellow executives at the company, and he was immediately fired. The company then reported the embezzlement to the Federal Bureau of Investigation, leading to Shetty's conviction.

What was the outcome for Nevin Shetty after stealing the $35 million?

Nevin Shetty, the former CFO of a private software company in Mercer Island, was convicted of four counts of wire fraud after stealing $35 million from his employer. He faces up to 20 years in prison for his crimes.

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

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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

Mercer Island CFO Steals $35M, Loses It All in Crypto Gamble

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.