Former CFO Faces Prison Time for Crypto Investment Scheme

A high-ranking executive at a private software company has been held accountable for his reckless investment decisions.

Nevin Shetty, the former chief financial officer (CFO), diverted $35 million from his employer into cryptocurrency investments in 2022. The funds were transferred to a decentralized finance (DeFi) platform that promised yields exceeding 20 percent.

However, the investments quickly turned sour, and the portfolio nearly reached zero value within weeks. The financial damage was severe, prompting the company to lay off around 60 employees and restructure its operations.