The former CFO of Seattle-based Fabric Nevin Shetty

 

The former CFO of Seattle-based Fabric Nevin Shetty pled not guilty to four charges involving the alleged transfer of funds from the e-commerce startup to his cryptocurrency business.   The next court appearance is scheduled for July 24. According to an inditement, Shetty transferred funds from Fabric to HighTower a month after he was told he would be let go of the e-commerce company due to performance. Fabric reportedly began investing in startups, with Shetty helping craft the policy, with the aim of incurring 6% interest and the CFO keeping the returns for his separate crypto business. Fabric's primary business is building APIs for e-commerce, including pricing, inventory management, and digital storefronts. The software startup was valued at $1.5B after a $140M Series C led by SoftBank.