Michael Avenatti Charged with Trying to Extort Over $20M from Nike

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(CNN) Federal prosecutors in Manhattan on Monday charged lawyer Michael Avenatti for attempting to extort more than $20 million from Nike.

According to the criminal complaint, Avenatti met in March 2019 with an attorney for Nike and threatened to release damaging information about the company if Nike didn’t make millions in payment to himself and an unnamed co-conspirator. Avenatti also allegedly demanded that Nike pay $1.5 million to an individual he claimed to represent.

I’ll go take $10 billion dollars off your client’s market cap…I‘m not f***ing around, Avenatti said, according to the complaint.

Until recently, Avenatti represented adult-film actress Stormy Daniels, a central figure in the hush-money scandal that resulted in Manhattan federal prosecutors charging President Donald Trump’s former personal attorney, Michael Cohen. Cohen pleaded guilty and is set to report to prison in May.

Avenatti didn’t immediately respond to a request for comment.

Earlier Monday, he tweeted: 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.

The Manhattan U.S. Attorney’s office said it would hold a press conference to discuss the charges on Monday afternoon

Federal prosecutors in Los Angeles will also announce separate charges of wire fraud and bank fraud against Avenatti Monday afternoon.

This story is breaking and will be updated.

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