A Mercer Island man has been convicted of four counts of wire fraud after misusing approximately $35 million from his former employer. The verdict was delivered on November 7, 2025, following a nine-day jury trial and about ten hours of deliberation. Sentencing is set for February 11, 2026.
U.S. Attorney Charles Neil Floyd announced the conviction of Nevin Shetty, age 41. “This defendant exploited his position of power and trust in an attempt to profit from his crime and then lied to cover it up,” said U.S. Attorney Neil Floyd. “I am proud of the work of our attorneys and support staff, who calmly and carefully helped the jury see through film of lies the defense used to try to justify what was, at its core, theft.”
Shetty began working as chief financial officer at a private software company in March 2021. The company was raising funds across multiple rounds and had created an investment policy requiring that its capital be kept safe in conservative accounts such as FDIC insured bank accounts or money market accounts.
Although Shetty helped develop this investment policy and communicated it to the board, he later transferred around $35 million in company funds without authorization to HighTower Treasury, a cryptocurrency platform he had established as a side business in February 2022. HighTower Treasury had no outside customers besides Shetty’s employer.
After being told he could not continue as CFO due to performance concerns in March 2022, Shetty moved the funds out of the company’s account between April 1 and April 12, 2022. He placed them into decentralized finance (DeFi) lending protocols promising high yields—up to 20% interest. His plan was for HighTower Treasury to pay his employer only part of any interest earned while keeping most profits for himself and his business partner.
Within a month, Shetty’s scheme generated roughly $133,000 for him and his partner but quickly unraveled when cryptocurrency values fell sharply by May 13, 2022. The original $35 million investment became nearly worthless.
After revealing his actions to two other executives following these losses, Shetty was fired immediately. The incident was reported to the FBI for investigation.
During closing arguments at trial, Assistant United States Attorney Philip Kopczynski told jurors: “Why did he do this? Greed – to line his own pockets. That is what explains his lying, sneaking around, and telling half-truths.”
Wire fraud carries a maximum penalty of up to twenty years in prison.
Assistant United States Attorneys Philip Kopczynski and Grace Zoller are prosecuting the case.
