The former CFO of a private startup company has been indicted on wire fraud charges in Seattle federal court for allegedly transferring $35 million from the company to a fledgling cryptocurrency platform he owned, knowing the platform could’ve potentially reaped 20% returns on the money, according to the indictment.
Within weeks, though, the defendant, Nevin Shetty, lost virtually all of the startup company’s $35 million in the alleged cryptocurrency-venture scheme. And only then did Shetty tell the executives of the company what he’d done, the indictment says.
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