Free tools Windows power users keep installed
One-click scans. No signup required.
Former CFO Nevin Shetty was convicted of four wire-fraud counts after prosecutors said he moved $35,000,100 from his employer to a cryptocurrency business he controlled. On March 5, 2026, a federal judge sentenced him to two years in prison, ordered payment of $35,000,100, and imposed three years of supervised release after prison.
Who was the CFO, and which Seattle startup was involved?
Shetty was hired as chief financial officer of a private company in March 2021. The U.S. Department of Justice described the employer as a private company in its 2023 indictment announcement and as a private software company in later case updates. Contemporaneous reporting identified it as Seattle e-commerce startup Fabric; the DOJ releases did not name Fabric.
In February 2022, according to prosecutors’ account at trial, Shetty created HighTower Treasury, a cryptocurrency side business he controlled. In March, the company told him he could not continue as CFO because of performance concerns.
Why was Shetty indicted?
The indictment announcement said that between April 1 and April 12, 2022, Shetty transferred $35,000,100 of the employer’s funds to an account for HighTower. Company leaders did not know about the transfers, according to the DOJ.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errors#1 Best Overall
- BITCOIN EXCLUSIVE, PHONE VERIFICATION: Bitkey is designed from the ground up exclusively for bitcoin — a dedicated hardware wallet for secure bitcoin storage. Approve transactions with a tap using your phone and NFC. No device screen is required.
- SELF-CUSTODY, NO EXCHANGE OR CUSTODIAN REQUIRED: You hold two of the three keys in the Bitkey system – one on your phone and one on your Bitkey device. The third is stored on Bitkey’s server and cannot move your bitcoin on its own.
- NO SEED PHRASE: Set up and use Bitkey without creating or storing a seed phrase.
- 2-of-3 MULTISIG: Three keys are stored separately across your phone, Bitkey device, and Bitkey’s server. Any two keys are required to move your bitcoin.
- BUILT-IN RECOVERY: Encrypted backup and recovery tools can help you regain access if you lose your phone or Bitkey device. You can also designate a Recovery Contact.
The company had adopted a policy limiting cash investments to U.S.-dollar fixed-income instruments. Later DOJ releases described the approved investments as money-market accounts or other conservative investments. Prosecutors said Shetty helped draft or circulate the policy before moving the funds to the cryptocurrency business he controlled.
What did the investment promise, and what happened to the money?
Under the arrangement described by the DOJ, HighTower was to pay the employer 6% interest and keep any interest earned above that amount. At trial, prosecutors said Shetty selected decentralized-finance lending protocols promising returns of 20% or more. Those were proposed terms and advertised yields—not evidence that the employer received those returns.
Rank #2
- Unparalleled Security: Protect your assets NDA-free EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Rest assured with Multi-share Backup, eliminating single points of failure for secure cold wallet recovery
The DOJ said the investment was nearly worthless by May 13, 2022. The case releases do not establish that the company recovered the transferred funds; the sentencing court’s payment order is a separate legal obligation, not confirmation that payment has been made.
How the case moved from indictment to sentence
| Date | Case development |
|---|---|
| March 2021 | Shetty was hired as CFO, according to the DOJ. |
| February 2022 | Prosecutors said Shetty created HighTower Treasury. |
| March 2022 | The company told Shetty he could not continue as CFO because of performance concerns. |
| April 1–12, 2022 | The DOJ said $35,000,100 was transferred to an account for HighTower. |
| May 13, 2022 | The investment was nearly worthless, according to the DOJ. |
| May 17, 2023 | The DOJ announced the indictment. At that stage, the charges were allegations, and a person was presumed innocent unless proven guilty beyond a reasonable doubt. |
| November 7, 2025 | A jury convicted Shetty of four wire-fraud counts after a nine-day trial, the DOJ reported. |
| March 5, 2026 | The court sentenced Shetty and ordered payment and supervised release. |
What sentence did the former CFO receive?
The sentence announced by the U.S. Attorney’s Office for the Western District of Washington on March 5, 2026, includes:
Rank #3
- Unparalleled Security: Protect your assets with EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Multi-share Backup eliminates single points of failure for secure cold wallet recovery
- Two years in prison.
- A court order to pay $35,000,100.
- Three years of supervised release after prison.
- A restriction barring him from serving as a company officer or director without permission from the probation office.
At sentencing, Judge Tana Lin connected the loss to its effects on the company and employees, including 60 layoffs. The DOJ reported that she said the loss had “significant and severe effects on the company” and that Shetty’s actions threw the lives of those laid off “into complete turmoil.”
Quick Recap
Best Value
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
Rank #4
- Dual-chip architecture for maximum protection: The next-gen, fully auditable TROPIC01 chip works alongside a certified EAL6+ Secure Element—completely NDA-free—to deliver radically transparent, industry-leading defense against physical attacks.
- Quantum-ready security: Get protection against future threats with the first-ever hardware wallet designed with quantum-ready architecture.
- See every detail with confidence: Our largest high-resolution color touchscreen makes it easy to navigate your assets, review transactions and manage your coins with clarity.
- Wireless freedom with encrypted Bluetooth control: Manage, buy, swap and stake securely using Trezor Suite on desktop or mobile. Qi2-compatible wireless charging keeps your Trezor powered up. No cables required—security meets convenience.
- Works seamlessly with Android, iOS and desktop: Connect wirelessly or via USB-C to your phone or computer. Manage your crypto anywhere with our companion Trezor Suite app.
Sources
- U.S. Department of Justice, Western District of Washington: 2023 indictment announcement
- U.S. Department of Justice, Western District of Washington: 2025 jury conviction
- U.S. Department of Justice, Western District of Washington: March 5, 2026 sentencing announcement
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
