Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
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Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#2The indictment in U.S. District Court charged Shetty with four counts of wire fraud. He is scheduled to be arraigned May 25.
Shetty’s attorney, Cooper Offenbecher, said in an emailed statement that he and his client had been in regular contact with prosecutors and disagreed with the decision to bring an indictment.
Damn...that is like 80 years, and even if the charges run concurrently and with plea, that may still 10 years easily (no parole in feds, only 15% reduction of time at best). Meanwhile kill someone on subway and only get 3 with parole. It's interesting how the legal system works that way. Except for pre-meditated murder, violent crimes tend to be punished less severely compared to fraud.
Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#3The indictment in U.S. District Court charged Shetty with four counts of wire fraud. He is scheduled to be arraigned May 25. Shetty’s attorney, Cooper Offenbecher, said in an emailed statement that he and his client had been in regular contact with prosecutors and disagreed with the decision to bring an indictment. Damn...that is like 80 years, and even if the charges run concurrently and with plea, that may still 10…
Fraud so often goes unpunished, I suspect that it’s assumed if you’re caught dead to rights it’s not your first time.
Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#4The indictment in U.S. District Court charged Shetty with four counts of wire fraud. He is scheduled to be arraigned May 25. Shetty’s attorney, Cooper Offenbecher, said in an emailed statement that he and his client had been in regular contact with prosecutors and disagreed with the decision to bring an indictment. Damn...that is like 80 years, and even if the charges run concurrently and with plea, that may still 10…
Rob someone of $1000 at gunpoint, get 10 years of hard time, rob many people of $50MM with a pen, get 2 years at a minimum security facility. Rob the American people of $10b, walk free. See the 2008 meltdown for details.
Only the most egregious frauds (Madoff, Skilling) result in any serious time.
Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#5Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#6The indictment in U.S. District Court charged Shetty with four counts of wire fraud. He is scheduled to be arraigned May 25. Shetty’s attorney, Cooper Offenbecher, said in an emailed statement that he and his client had been in regular contact with prosecutors and disagreed with the decision to bring an indictment. Damn...that is like 80 years, and even if the charges run concurrently and with plea, that may still 10…
Anecdotally it’s very random. I’d need a corpus of statistics to agree or disagree with your claim that violent crime has excessively short sentences while white collar crime has excessively long sentences.
Many people believe the opposite, given the number of life savings affected by white collar crime. Here’s a judge who thinks that violent crime sentencing is insanely long: https://archive.is/YL2Ek
It opens with a 146-year strict minimum sentencing for a crime described as:
> The teenager’s crime was horrible: He robbed a small restaurant at gunpoint, ordered the patrons onto the floor and ended up having a shootout with one customer who happened to have a gun. Miraculously, the only person injured was the robber, who was shot in the foot.
Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#7Diverted? Took employers money without permission? Why won’t they just use the word we have that describes this?!
Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#8Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#9https://archive.ph/ViLef
Amusing that they took a DOJ press release and put it behind a paywall.
Re: Seattle startup’s ex-CFO accused of diverting $35M, losing it in crypto crash
#10The indictment in U.S. District Court charged Shetty with four counts of wire fraud. He is scheduled to be arraigned May 25. Shetty’s attorney, Cooper Offenbecher, said in an emailed statement that he and his client had been in regular contact with prosecutors and disagreed with the decision to bring an indictment. Damn...that is like 80 years, and even if the charges run concurrently and with plea, that may still 10…
I will eat my shoe if the median first-time white collar offender who only stole 35M gets 80 years.
Elizabeth Holmes just spent two years delaying her prison date, and she (and her co-conspirator) will only serve a decade for stealing ten times as much.