Seattle startup’s ex-CFO accused of diverting $35 million, losing it in crypto crash

By GENE JOHNSON
Associated Press

SEATTLE (AP) — A federal indictment accuses the former chief financial officer of a Seattle startup of taking $35 million of his employer’s money without permission and losing it by investing in cryptocurrency before the crypto market crashed last year. Thirty-nine-year-old Nevin Shetty was hired in 2021 as CFO of fabric, which makes software platforms for retail commerce. The indictment says that about a year later, after the company informed him it was letting him go, he transferred the money to a crypto platform he controlled as a side business. Shetty’s attorney says he and his client have been in regular contact with prosecutors and disagree with the decision to bring an indictment. Shetty is charged with four counts of wire fraud.