Wondering what happened yesterday with Michael Avenatti? Here are the key takeaways from the criminal complaints against him:
The next day, when a Nike lawyer said he had never been paid more than $10 million for an internal investigation, as Avenatti sought, the Los Angeles attorney asked him if he’d ever “held the balls of the client in your hand where you could take five or six billion dollars market cap off of them?”
But the Internal Revenue Service suspects he committed numerous other crimes still under investigation: tax evasion, money laundering, conspiracy and bankruptcy fraud, among others, court papers show.In 2014, Avenatti obtained $4.1 million in loans from Peoples Bank in Mississippi for his law firm,, and his failing coffee business, Global Baristas, which operated Tully’s outlets in Washington state and California.
Avenatti & Associates, a company that he owns entirely, filed no tax returns for the years 2011 through 2017 — while collecting nearly $38 million in bank deposits, including almost $24 million from Eagan Avenatti, according to the government. “To this day, nearly 15 months later, Mr. Avenatti’s client is still waiting for the bulk of his settlement, even after he hired another attorney who discovered that Mr. Avenatti had the funds all along,” U.S. Attorney Nick Hanna said Monday at a news conference in Los Angeles.
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