Ex-Nike Executive Facing Prison Time for Wire Fraud

Dave Reichert entered a guilty plea to the charges.

Footwear
4,331 Hypes 7 Comments

As the diversity scandal surrounding Nike continues, the brand faces more bad news as ex-executive David Reichert has plead guilty to federal charges of wire fraud. The charges — which were filed last summer — relate to a retail scheme that gave huge discounts to other companies owned by Reichert and cost Nike over $550,000 USD.

While working as a sales account executive in Nike’s apparel division, Reichert is said to have used the company’s transactions to give his companies discounts that “were typically five to ten times greater than Nike allowed even for its best wholesale customers.” The fraudulent scheme took place from November 2012 to May 2014. Following his guilty plea, Reichert is facing a sentence of 18 months in prison and repaying the lost money to Nike, although the restitutions could rise to $1.5 million USD.

In other Nike news, the company has moved two female employees to senior positions.

Read Full Article
Source
Sole Collector
More

What to Read Next

'Avengers: Infinity War' On Track to Become Quickest Movie to Break $1 Billion USD Sales
Entertainment

'Avengers: Infinity War' On Track to Become Quickest Movie to Break $1 Billion USD Sales

Making $83 million USD in the last 24 hours.

Hermetic Square Debuts Its Neon-Infused SS18 "Chapter Nine" Lookbook
Fashion

Hermetic Square Debuts Its Neon-Infused SS18 "Chapter Nine" Lookbook

’80s American beach vibes.

Under Armour Launches Stephen Curry Trivia App
Sports

Under Armour Launches Stephen Curry Trivia App

Aptly named Steph IQ.


Kanye West Gives a Glimpse of YEEZY Season 7
Fashion

Kanye West Gives a Glimpse of YEEZY Season 7

A quick preview of what to expect.

Noon Goons Honors Legendary Jazz Musician Chet Baker With Commemorative Capsule
Fashion

Noon Goons Honors Legendary Jazz Musician Chet Baker With Commemorative Capsule

Celebrating his sound, style and West Coast roots.

Here's How Much the World's Top WWE Wrestlers Earn per Year
Sports

Here's How Much the World's Top WWE Wrestlers Earn per Year

How many millions?

More ▾