Michael Avenatti, the man mainly known to the public as the lawyer for adult film star Stormy Daniels, has been arrested. He was arrested on Monday on federal charges in two separate cases in New York and California.
The charges? In the Southern District of New York he was charged for trying to extort Nike for $15-$25 million. Allegedly Avenatti was threatening to release damaging information about Nike if his demands were not met. In Los Angeles he faces bank and wire fraud charges for alleged embezzling of money from a client as well as defrauding a bank through fake tax returns.
Avenatti was arrested on Monday, but released on a $300 000 personal recognizance bond. His case is scheduled in court on April 1.
Recordings exist of Avenattis conversation with Nike's attorneys where Avenatti is heard saying "I'm not f---ing around with this, and I'm not continuing to play games./.../ You guys know enough now to know you've got a serious problem. And it's worth more in exposure to me to just blow the lid on this thing. A few million dollars doesn't move the needle for me. I'm just being really frank with you. /.../ I'll go and I'll go take $10 billion off your client's market cap. But I'm not f***ing around. /.../ If [Nike] wants to have one confidential settlement and we're done, they can buy that for $22.5 million and we're done."
The charges? In the Southern District of New York he was charged for trying to extort Nike for $15-$25 million. Allegedly Avenatti was threatening to release damaging information about Nike if his demands were not met. In Los Angeles he faces bank and wire fraud charges for alleged embezzling of money from a client as well as defrauding a bank through fake tax returns.
Avenatti was arrested on Monday, but released on a $300 000 personal recognizance bond. His case is scheduled in court on April 1.
Recordings exist of Avenattis conversation with Nike's attorneys where Avenatti is heard saying "I'm not f---ing around with this, and I'm not continuing to play games./.../ You guys know enough now to know you've got a serious problem. And it's worth more in exposure to me to just blow the lid on this thing. A few million dollars doesn't move the needle for me. I'm just being really frank with you. /.../ I'll go and I'll go take $10 billion off your client's market cap. But I'm not f***ing around. /.../ If [Nike] wants to have one confidential settlement and we're done, they can buy that for $22.5 million and we're done."
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