Prosecutors have urged a judge to impose a “very substantial” prison sentence on Michael Avenatti for trying to extort millions of dollars from Nike.
“The defendant, a prominent attorney and media personality with a large public following, betrayed his client and sought to enrich himself by weaponizing his public profile in an attempt to extort a publicly-traded company out of tens of millions of dollars. This was an egregious abuse of trust, and it warrants real and serious punishment,” prosecutors wrote.
In a victim impact statement, Nike's lawyers wrote that Avenatti did considerable harm to the company when he followed through on threats to cause Nike billions of dollars in losses by falsely alleging in a tweet prior to his arrest that criminal conduct at the company reached the “highest levels.” Nike's stock price immediately dropped a dollar, representing $300 million, they said.
In his victim impact statement, Franklin said Avenatti's actions “devastated me financially, professionally, and emotionally” and he asked the sentencing judge to consider that in deciding punishment for a man who never apologized to him.
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