Michael Avenatti, the flamboyant lawyer who rose to notoriety as a cable TV critic of former President Donald Trump and briefly considered running for president, was sentenced to 30 months in jail on Thursday for attempting to extort up to $25 million from Nike (NYSE: NKE).
Justice Is Dispatched: Gary Franklin, a Los Angeles youth basketball coach, claimed that Nike offered secret and unlawful payments to the families of amateur players, and Avenatti represented him. According to the allegations, Avenatti warned Nike that it needed to pay more than $20 million to ensure Franklin’s silence, or he would broadcast the claims, causing the company’s stock price to plummet.
In March 2019, Avenatti was arrested, and in February 2020, he was found guilty. Prior to his sentencing on Thursday, he broke down in tears in the courtroom.
“My work, relationships, and life have all been ruined by me alone. And there’s no doubt that I’ll have to pay “Avenatti stated. “I sincerely regret all of the suffering I have caused Mr. Franklin and others.”
Related Link: Sports Experts Discuss Michael Avenatti’s Nike Allegations: Avenatti sprang to prominence as the attorney for Stormy Daniels, the porn star who claimed she had an affair with Trump years before he ran for president.
Prior to the 2016 presidential election, Daniels received a $130,000 hush money payment from Michael Cohen, Trump’s then-personal lawyer. Daniels later sued Avenatti, alleging that he defrauded her of money she was owed for a book contract.
Avenatti is still out on bond and must surrender on Sept. 15 to begin his sentence at an Oregon prison camp.
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