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A former CFO of a software company was convicted of fraud after embezzling $35 million to invest in Decentralized Finance and losing it all.
PANews reported on November 15 that Nevin Shetty, the former CFO of a software company in Washington State, was found guilty on four counts of wire fraud by a federal jury for secretly transferring $35 million of company funds into his self-built encryption platform and investing in high-risk Decentralized Finance protocols. Shetty secretly moved the company's funds in 2022 after learning he would be fired, initially making a profit of about $133,000, but his investments nearly dropped to zero after the Terra ecosystem collapsed in May 2022. He subsequently admitted to his actions and was fired by the company. Shetty is scheduled for sentencing in February next year, facing a maximum of 20 years in prison.