SPORTS BUSINESS

March 25th, 2019 | by CollegeAD
SPORTS BUSINESS
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Lawyer Michael Avenatti was arrested on federal charges of extortion, wire fraud and bank fraud on Monday. Monday’s arrest came after Avenatti reportedly tried to extort Nike for $20 million, according to CBS News. The U.S. attorney for the Southern District of New York announced the extortion charges, while the U.S. attorney in Los Angeles charged Avenatti with bank and wire fraud. The complaint alleges Avenatti attempted to extort Nike in exchange for an internal investigator contract that would pay “at a minimum, between $15 and $25 million,” according to Steven Portnoy of CBS News Radio. Avennati threatened “to use his ability to garner publicity to inflict substantial financial and reputational harm” on Nike, according to Tom Winter of NBC News. –si. Read More.

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