Former CFO Indicted for Losing $35M in Company Funds on Secret Crypto Investment and Wire Fraud

Nevin Shetty, former CFO of an e-commerce start-up, has been indicted for wire fraud after allegedly transferring $35 million of his employer's cash into a secret crypto investment that crashed in value to almost zero. Shetty executed a "Treasury Account Agreement" with his own crypto platform, HighTower Treasury, to facilitate the covert investment, which no one else at Fabric knew about. He ultimately acquired $28.8 million worth of the algorithmic stablecoin TerraUSD (UST), only a few weeks before the asset de-pegged from the US dollar and crashed by 99.99%.