Former software firm CFO convicted of wire fraud

Core Points - Nevin Shetty, former CFO of Seattle e-commerce startup Fabric, was convicted of wire fraud for misusing approximately $35 million from the company [2] - Shetty transferred the funds to a cryptocurrency platform he operated, known as HighTower Treasury, shortly after being informed of his termination due to performance issues [3] - The startup's investment policy prohibited such high-risk investments, allowing only conservative options like money market accounts [7] Financial Misconduct - Shetty's fraudulent activities involved secretly transferring over $35 million from Fabric to his side business in early April 2022 [3] - He initially earned about $133,000 from the investments, but by May 2022, the value of his cryptocurrency investments had plummeted to nearly zero [5] - The investigation was initiated by the FBI after Fabric reported the incident following Shetty's disclosure to two executives [6] Company Policies - Fabric had established an investment policy that restricted company cash to conservative investments, which Shetty's actions directly violated [7] - No other executives or board members were aware of the unauthorized transfers made by Shetty [4]