A former chief financial officer (CFO) was indicted on Wednesday after he allegedly funneled $35 million worth of his employer’s cash into a secret crypto investment that promptly crashed in value to almost zero.
Nevin Shetty, a resident of Mercer Island, Washington, joined the Bellevue-based e-commerce start-up Fabric in early 2021, according to an announcement from the company at the time.
Shetty helped draft a new corporate policy that outlined how the company’s cash should only be used on conservative investments in fixed-income instruments payable in US dollars, according to a new press release from the Western District of Washington U.S. Attorney’s Office, which doesn’t name Fabric.
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The indictment indicates that the company’s top executives were concerned with Shetty’s performance and informed him in March
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