Former CFO convicted at trial of four counts of wire fraud

Seattle - A Mercer Island, Washington man was convicted November 7, 2025, of four counts of wire fraud for taking and misusing some $35 million from his former employer, announced U.S. Attorney Charles Neil Floyd. Nevin Shetty, 41, was found guilty after a nine-day jury trial. Jurors deliberated about ten hours before reaching the guilty verdict. Judge Tana Lin scheduled sentencing for February 11, 2026.

"This defendant exploited his position of power and trust in an attempt to profit from his crime and then lied to cover it up," said U.S. Attorney Neil Floyd. "I am proud of the work of our attorneys and support staff, who calmly and carefully helped the jury see through film of lies the defense used to try to justify what was, at its core, theft."

According to records in the case, Shetty was hired as the CFO of a private software company in March 2021. The company was raising capital for its work in multiple rounds of funding. The company, with Shetty, drafted a policy governing how the money raised should be kept safe while the company worked to grow its business. The company adopted an investment policy statement that called for company cash to be invested only in money market accounts or other conservative investments. The company's overriding objective was to preserve its capital for use in operating and growing the business, which is why the company's capital was placed exclusively in FDIC insured treasury and operating bank accounts.

Even though Shetty helped draft the policy and disseminate it to the board of directors for approval, he secretly moved approximately $35 million in company funds to a cryptocurrency platform he controlled as a side business. Shetty created that side business, called HighTower Treasury, in February 2022-it had no other outside customers. In March 2022, he was told he could not continue as CFO at his employer due to concerns about his performance. Shortly after he got this news, Shetty secretly transferred the funds out of the company's account.

Between April 1 and 12, 2022, Shetty transferred $35,000,100 of his employer's money to an account for HighTower Treasury. No other executives or board members at the company knew of these transfers. Shetty, through HighTower, then placed the money in a realm of cryptocurrency sometimes referred to as decentralized finance or "DeFi." Shetty chose high-yield DeFi lending protocols that promised to generate 20% interest. Shetty's idea was that HighTower would pay Shetty's company 6% of that interest and keep the remainder of any interest earned from the cryptocurrency investments for HighTower, which could have been substantial. As an owner of HighTower, Shetty stood to keep those profits. In the first month, Shetty's scheme earned roughly $133,000 of profit for himself and his HighTower business partner.

However, the cryptocurrency investments soon began declining and by May 13, 2022, the value of the $35 million investment was nearly zero. After the money was essentially gone, Shetty told two of his fellow executives what he had done. He was immediately fired.

The company reported the embezzlement to the FBI, who launched an investigation.

In closing arguments Assistant United States Attorney Philip Kopczynski told the jury, "Why did he do this? Greed - to line his own pockets. That is what explains his lying, sneaking around, and telling half-truths."

Wire fraud is punishable by up to 20 years in prison.

The case is being prosecuted by Assistant United States Attorneys Philip Kopczynski and Grace Zoller.