To save time reading the content-free article, the indictment itself says:<p>He personally, and without approval, transferred $35M of company funds to a second company he owned jointly with another person.<p>He then invested that money in UST, which subsequently crashed.<p>So in addition to "don't put all your money in SVB", start ups need to add : "don't setup signing authority on your bank accounts such that one person can drain tens of millions".
<i>The indictment in U.S. District Court charged Shetty with four counts of wire fraud. He is scheduled to be arraigned May 25.<p>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.</i><p>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.