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Avenatti arrested on fraud, extortion charges

Video Credit: Reuters Studio - Duration: 03:15s - Published < > Embed
Avenatti arrested on fraud, extortion charges

Avenatti arrested on fraud, extortion charges

Attorney Michael Avenatti was arrested Monday and is facing federal charges in New York and LA of bank fraud, misappropriating client funds, and trying to extort millions of dollars from Nike, according to federal prosecutors.

U.S. New York District Attorney Geoffrey Berman said Avenatti threaned Nike with "cut, after cut, after cut, after cut" if it did not make payments to Avenatti.

Rough Cut (no reporter narration).

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Avenatti arrested on fraud, extortion charges

ROUGH CUT (NO REPORTER NARRATION) Attorney Michael Avenatti was arrested Monday and is facing federal charges on both coasts of bank fraud, misappropriating client funds, and trying to extort Nike, according to federal prosecutors.

Prosecutors in the Southern District of New York allege that Avenatti tried to extract more than $20 million from Nike, and said that if the company did not pay him, he would "use his ability to garner publicity to inflict substantial financial and reputational harm on the company if his demands were not met." The criminal complaint alleges that Avenatti said, "I'll go take 10 billion dollars off your client's market cap... I'm not f--ing around."




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