Following the submittal of a continuance order on June 7 and agreement by participating parties, Mercer Island’s Nevin Shetty isn’t scheduled to face a jury trial for another 10 months or so.
After pleading not guilty to alleged embezzlement activities at his May 25 arraignment on the indictment issued eight days earlier, Shetty’s trial has been reset from July 24 to May 13, 2024, according to the United States District Court for the West District of Washington at Seattle.
Shetty, 39, appeared on a summons at the arraignment and was released on a bond, according to the continuance order documents provided to the Reporter.
The trial — which stemmed from an FBI investigation in 2022 and resulted in charges of wire fraud and misusing funds — is slated to begin at 9 a.m. in courtroom 14206 before Judge Tana Lin. The parties were notified to file proposed case management orders by July 24.
“The first trial date is rarely the date on which the trial begins,” said the U.S. Attorney’s Office communications director Emily Langlie.
In May, the Reporter told of Shetty’s indictment in the Seattle U.S. District Court for secretly transferring $35 million from his company’s account to invest in his own cryptocurrency operation. This 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.
U.S. Attorney Nick Brown, who announced Shetty’s indictment and was involved in submitting the recent order, has resigned from the office to run for Washington State Attorney General, according to Langlie. The order was co-submitted by Brown and Philip Kopczynski, assistant United States Attorney.
The Reporter reached out to Shetty’s attorney Cooper Offenbecher to get a grasp on what will occur from now until the trial date, but didn’t receive a response at press time.
One of the reasons for the continuance order to come into play involves complicated factual elements that will lengthen trial preparedness. “The evidence relating to (Shetty’s) investments includes, among other things, bank and blockchain records,” the document reads.
There are also thousands of documents — including law-enforcement reports, website records, emails and more — to delve into during the complex case, and sufficient time is necessary for Offenbecher to fully and adequately review the discovery with Shetty and to have appropriate preparation time before trial proceedings.
The order adds, “Mr. Shetty understands and joins in this request, and will file a signed waiver of his rights to a speedy trial in order to facilitate his attorney’s preparation of his case.”
According to the news release, wire fraud is punishable by up to 20 years in prison.
