Fabric Crypto's Ex-CFO Convicted for $35M Fraud in High-Risk Crypto Scheme

2025-11-16 01:16

Nevin Shetty, the former CFO of Fabric Crypto, has been convicted of wire fraud for misappropriating $35 million in company funds. Shetty diverted the funds to HighTower, a high-risk crypto investment, which subsequently collapsed following the TerraUSD crash. The unauthorized transfer lacked proper risk oversight, and Shetty was found to have used the funds for personal gain. This case underscores the governance challenges in crypto investments, contrasting with speculative ventures like the volatile meme coin Pepenode ($PEPENODE).

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