The CFO of a U.S. company embezzled $35 million to invest in DeFi and lost everything, sentenced to two years in prison

According to market news, Nevin Shetty (42) from Washington State, USA, secretly transferred $35 million of company funds to his own DeFi platform HighTower Treasury while serving as CFO of a private software company, investing in high-yield lending protocols, which later resulted in the funds nearly being wiped out due to the Terra crash.

The incident led to the company laying off 60 employees and nearly going bankrupt. Shetty was convicted of four counts of wire fraud, sentenced to two years in prison, ordered to pay $35 million in restitution, and will be subject to three years of supervised release after his release, during which he is prohibited from holding any executive position in any company without approval.