California lawyer Michael Avenatti was charged by federal prosecutors on both coasts, accused in New York of trying to extort millions of dollars from Nike Inc. and in Los Angeles of embezzling money from a client and defrauding a bank.
The charges depict a lawyer desperate for cash and willing to exploit his own clients. In California, prosecutors say, he stole a client’s $1.6 million settlement and used it to cover expenses. In New York, he’s accused of telling Nike he’d cancel a press conference accusing the company of making illegal payoffs to promising basketball players. In exchange, he demanded $1.5 million for an unidentified client, and as much as $25 million for him and another attorney to conduct an internal investigation.
The full original article can be found at bloomberg.com