'Mr. Avenatti used his clients' money to pay expenses for his own coffee business ... as well as to pay his own personal expenses.' U.S. Atty. Nick Hanna and the IRS' Mark Pearson comment on allegations against L.A. lawyer Michael Avenatti:
The New York complaint accused Avenatti of “attempting to extract more than $20 million” from Nike. He threatened to hold a news conference if Nike didn’t pay his client, an AAU basketball coach in California who alleged the company was paying families of high school prospects, and hire Avenatti to conduct an internal investigation of the company, the federal charging papers say.
Berman said Avenatti was going to attempt to link the company to a wider federal investigation into corruption and the illegal payment of college basketball players, the timing of which could be problematic for Nike in the midst of the NCAA men’s and women’s basketball tournaments. “To this day, nearly 15 months later, Mr. Avenatti’s client is still waiting for the bulk of his settlement, even after he hired another attorney who discovered that Mr. Avenatti had the funds all along,” Hanna said.
“I made the decision more than a month ago to terminate Michael’s services after discovering he had dealt with me extremely dishonestly, and there will be more announcements to come,” Daniels said in a tweet.. It is the second time in two years the firm has sought court protection from its creditors.
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