Michael Avenatti arrested for alleged $20 million extortion attempt against Nike  
50 Mins Ago | 01:41

CNBC | 3/10/2018 | Dan Mangan
PaMePaMe (Posted by) Level 3
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The complaint says that last Wednesday, Avenatti and a cooperating witness spoke by phone with lawyers for Nike "during which Avenatti stated, with respect to his demands for payment of milions of dollars, that if those demands were not met 'I'll go take ten billion dollars off your client's market cap ... I'm not f---ing around.' "

Nike had no immediate comment. The White House did not immediately comment.

Los - Angeles - Case - Avenatti - Complaint

In the Los Angeles federal case, Avenatti is accused in a 197-page complaint of negotiating a $1.6 million settlement for a client in a civil case, but then giving the client "a bogus settlement agreement with a false payment date of March 10, 2018," according to the U.S. Attorney's Office in Los Angeles.

That office said "Avenatti misappropriated his client's settlement money and used it to pay expenses for his coffee business, Global Baristas US LLC, which operated Tully's Coffee stores in California and Washington state, as well as for his own expenses.:

Fake - March - Deadline - Client - Money

"When the fake March 2018 deadline passed and the client asked where the money was, Avenatti continued to conceal that the payment had already been received, court documents said," according to prosecutors.

"A lawyer has a basic duty not to steal from his client," said U.S. Attorney for Los Angeles Nick Hanna.

Mr - Avenatti - Charges

"Mr. Avenatti is facing serious criminal charges alleging...
(Excerpt) Read more at: CNBC
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