Michael Avenatti arrested over alleged $20 million extortion of Nike

Lawyer Michael Avenatti Arrested For Trying To Extort $20 Million From Nike

Attorney Michael Avenatti charged with extortion by federal prosecutors in New York

According to Fox News, Avenatti and his co-conspirator went to Nike, where he allegedly told him he will "go take ten billion dollars off your client's market cap ..."

"This criminal conduct reaches the highest levels of Nike and involves some of the biggest names in college basketball", he tweeted.

He was later arrested.

Now Avenatti stands accused of trying to extort $25 million from Nike over a conference call, according to court documents filed on Monday by the US Attorney's Office for the Southern District of NY.

Shortly, following Avenatti's arrest, his former client Stormy Daniels tweeted that she is "not shocked" by the news reports that he has been criminally charged.

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According to court papers, the co-conspirator, who was not identified in court papers, is also an attorney licensed to practice in California and like Avenatti, represents celebrities and public figures.

"This was an old-fashioned shakedown", Geoffrey Berman, U.S. attorney for the Southern District of NY told reporters at a Monday press conference.

On Monday, it was announced that Avenatti is facing extortion charges from Nike after trying to force the company to pay to bury a scandal that could be damaging to its brand.

As the discussions between the two parties continued, Avenatti posted a tweet that Berman said was meant as a warning to Nike.

Lawyer Michael Avenatti, who attained national prominence as a legal antagonist of President Trump, has been arrested on federal bank fraud and wire fraud charges.

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At a news conference Monday morning, federal prosecutors said Avenatti's alleged financial crimes funded a "lavish lifestyle" that included more than $200,000 in monthly expenditures and owning a $5 million home in Laguna Beach. The affidavit also alleges that, as part of his loan applications, Avenatti also submitted a fictitious partnership tax return for his law firm.

The complaint says Avenatti threatened to call a news conference on the eve of Nike's quarterly earnings call at the start the NCAA Tournament to reveal the information. Then he added that he would hold off on the press conference if payments were made, prosecutors said.

Avenatti also alleged that Cohen had been reimbursed by a powerful Russian for the payment to Daniels - which became part of revelations about Cohen's de facto lobbying business, in which he sought to sell access to Trump during the president's first year in office.

"Trump's eldest son, Donald Trump Jr., reacted with glee to the news on Twitter, coining a new version of his father's campaign slogan, Make America Great Again: "#MAGA - Michael Avenatti Getting Arrested!"

Swetman said he could not discuss what led Avenatti to the Biloxi-based bank.

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