Mercer Islander Nevin Shetty, 39, was arraigned in U.S. District Court in Seattle on May 25 on the indictment of wire fraud and misusing funds and pleaded not guilty, according to the U.S. Department of Justice. His trial was set for July 24.

Shetty was indicted in the Seattle court on May 17 for secretly transferring $35 million from his company’s account to invest in his own cryptocurrency operation. The embezzlement occurred while he served as chief financial officer (CFO) for a private start-up company in 2021 and 2022, according to a U.S. Department of Justice news release.