Ex-Nike Exec Pleads Guilty To A Fraud Operation
David Reichert–a former Nike employee–will spend the next 13 months in prison after pleading guilty to a fraud operation, which is said to have cost the brand almost a million dollars.
Reichert’s case began back in the summer of 2017, when the sportswear brand brought forth federal charges against the ex-exec that stemmed from his role in a wire fraud scheme.
These aforementioned charges claimed that Reichert used his job at Nike to apply discounts to order from companies he secretly owned. He was accused of granting his businesses “discounts [that] were typically five to ten times greater than Nike allowed for even its best wholesale customers,” according to the company’s filing last year.
Fast forward to May, the former employee pled guilty to two counts of wire fraud, and now, Fox 12 has reported that he has been sentenced to 13 months in prison.
The total cost of Reichert’s wire fraud scheme was originally reported to be somewhere around $550,000, but the outlet now reports that the attorney’s offices places the figure closer to the $770,000 range.