Lawyer Michael Avenatti arrested in alleged Nike extortion scheme ‘‘I’ll go take ten billion dollars off your client’s market cap’
Michael Avenatti, the hot-shot lawyer who represented porn star Stormy Daniels and a few R. Kelly accusers, has been arrested for allegedly trying to extort Nike out of $20 million and damage the company’s reputation.
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Avenatti was reportedly slapped with the charges in Los Angeles and is expected to appear before the Manhattan federal court, CNBC reported
An hour after Avenatti tweeted that he was holding a press conference to reveal a high school basketball scandal involving the retail and apparel giant, claiming, “allegations of misconduct by employees of Nike,” the lawyer was arrested.
Tmrw at 11 am ET, we will be holding a press conference to disclose a major high school/college basketball scandal perpetrated by @Nike that we have uncovered. This criminal conduct reaches the highest levels of Nike and involves some of the biggest names in college basketball.
— Michael Avenatti (@MichaelAvenatti) March 25, 2019
“Tmrw at 11 am ET, we will be holding a press conference to disclose a major high school/college basketball scandal perpetrated by @Nike that we have uncovered. This criminal conduct reaches the highest levels of Nike and involves some of the biggest names in college basketball,” Avenatti tweeted.
A criminal complaint was filed against Avenatti charging that he “devised a scheme to extort a company by means of an interstate communication by threatening to damage the company’s reputation if the company did not agree to make multi-million dollar payments to Avenatti and [co-conspirator], and further agree to pay an additional $1.5 million to a client of Avenatti’s.”
According to the complaint, last Wednesday, Avenatti and an accomplice who is now a cooperating witness talked with Nike lawyers by phone “during which Avenatti stated that if his demands for payment were not met ‘I’ll go take ten billion dollars off your client’s market cap … I’m not f—ing around.’”
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Avenatti is also accused of wire fraud and bank fraud.
This is a developing story.
