Celebrity lawyer Michael Avenatti was arrested Monday in New York City on charges of trying to extort up to $25 million from Nike by threatening to publicize claims that company employees authorized payments to the families of top high school basketball players. Avenatti also was separately charged in a second federal case in Los Angeles with embezzling a client's money "in order to pay his own expenses and debts" and those of his law firm and coffee company, and of "defrauding a bank in Mississippi," prosecutors said. He faces almost 100 years in prison if convicted in both cases as well as possible disbarment as a lawyer. The famously aggressive litigator gained widespread notoriety in the past year for representing porn star Stormy Daniels in lawsuits against President Donald Trump and his former lawyer Michael Cohen. Those cases were related to a nondisclosure agreement she signed on the eve of the 2016 presidential election to keep quiet about her alleged affair with Trump in exchange for a $130,000 payment.

A court sketch of Michael Avenatti seated at defense table with his attorney Federal Defender Sylvie Levin. Elizabeth Williams | CNBC

Avenatti was released from Manhattan federal court after a hearing and after signing a $300,000 personal recognizance bond. No actual money is posted for such bail. He would forfeit property or cash equivalent for the dollar amount of the bond if he fails to appear in court for future hearings. "For the entirety of my career, I have fought against the powerful — powerful people and powerful corporations," Avenatti told reporters when he was released. "I will never stop fighting that good fight." He said he was confident that when all the evidence is out, "I will be fully exonerated and justice will be done." Avenatti, who was dressed in a dark navy blue suit, dark shoes, a white shirt and a bright blue tie, was ordered by a judge to surrender his U.S. and Italian passports, and barred from traveling anywhere in the United States other than New York City, Long Island, several counties just north of Manhattan and the Central District of California, which includes the Los Angeles area. At the hearing, where he was represented by a federal public defender, Avenatti was also ordered to have no contact with his alleged co-conspirator, fellow high-profile lawyer Mark Geragos, who is not criminally charged in the case. Avenatti must appear in Los Angeles to face charges there on April 1. The judge also barred Avenatti from transferring more than $5,000 from any account he controls without first getting approval. His hearing in New York occurred in the same courthouse where Cohen pleaded guilty to criminal charges that included ones relating to the hush-money deal with Daniels.

A courtroom sketch of Federal Defender Sylvie Levin, Michael Avenatti, Federal Defender Amy Gallicchio, Assistant US Attorney Robert Boone. Elizabeth Williams | CNBC

Last year, Avenatti announced that he was considering running for president, but later decided not to run. Daniels replaced Avenatti as her lawyer earlier this month after a fallout with him. Daniels, in a statement released by her new lawyer Clark Brewster, told CNBC that, "Knowing what I know now about Michael, I'm saddened but not shocked regarding his arrest." "I made the decision weeks ago to terminate Michael's services after discovering that he had dealt with me extremely dishonestly, and I will have my own announcement coming soon," Daniels said. Avenatti, 48, was arrested in Midtown Manhattan at the law offices of Boies Schiller Flexner at 12:30 p.m. ET by FBI agents, about 15 minutes after he tweeted that he would be disclosing a big high school and college basketball scandal "perpetrated by" Nike that he supposedly had uncovered. Boies Schiller lawyers were representing Nike, and were scheduled to meet Monday with at their office with Avenatti and his unidentified co-conspirator to discuss Avenatti's demands, according to the company and prosecutors. Nike stock initially nose dived after Avenatti's tweet, but later recovered much of the losses. The co-conspirator was identified by sources to NBC News as Geragos, a California criminal defense lawyer. Geragos is currently representing actor Jussie Smollet in a case where the "Empire" cast member is accused of lying to Chicago cops about a purported hate-crime attack. A person who answered Geragos's office phone told CNBC, "We are not at liberty to speak on the matter. We are not releasing any comments." Geragos is being represented by prominent New York criminal defense lawyer Benjamin Brafman. Brafman declined to comment when contacted by CNBC. A CNN spokeswoman said that Geragos no longer is a contributor to that news network.

Attorney Mark Geragos speaks during a news conference after his client R&B singer Chris Brown was ordered to remain in jail without bail for allegedly violating his probation at Los Angeles Superior court on March 17, 2014 in Los Angeles, California. Kevork Djansezian | Getty Images

Prosecutors said Avenatti's alleged effort to shakedown Nike for millions of dollars kicked off in earnest last Tuesday, and quickly escalated over the next two days as he threatened to hold a press conference accusing the company of being involved in bribing amateur basketball players. Avenatti allegedly timed his threats to coincide with Nike's quarterly earnings call and the kickoff the National Collegiate Athletic Association's national championship basketball tournament. According to a criminal complaint, Avenatti offered to refrain from that press conference "only if Nike made a payment of $1.5 million to a client of Avenatti's in possession of information damaging to Nike ... and agreed to 'retain' Avenatti and [the co-conspirator] to conduct an 'internal investigation' — an investigation that Nike did not request — for which Avenatti and [the co-conspirator] demanded to be paid, at a minimum, between $15 [million] and $25 million." The co-conspirator is "an attorney licensed to practice in the state of California, and similarly known for representation of celebrity and public figure clients," the complaint said. The client of Avenatti's is "a coach of an amateur athletic union ... men's basketball program based in California," who for a number of years had a sponsorship agreement with Nike, the complaint said. The complaint says that on Wednesday, Avenatti and a cooperating witness spoke by phone with lawyers for Nike "during which Avenatti stated, with respect to his demands for payment of millions of dollars, that if those demands were not met 'I'll go take ten billion dollars off your client's market cap ... I'm not f---ing around.'"

Michael Avenatti Alleged Extortion Scheme timeline Source: SDNY

On Thursday, Avenatti tweeted a link to a CBS News story from early March about the sentencing of three men, including a former Adidas executive and a former Adidas consultant, who were found guilty of conspiring to defraud the University of Louisville and the University of Kansas by funneling money to basketball recruits to those colleges with the goal of eventually signing the players to Adidas endorsement deals. U.S. Attorney Geoffrey Berman, speaking at a press conference in Manhattan, said, "Avenatti's conduct had nothing to do with valid advocacy on behalf of a client or any other kind of legitimate legal work. Instead, Avenatti used illegal and extortionate threats for the purpose of obtaining in payments for himself." "A suit and tie does not mask the fact that at its core, this was an old-fashioned shake down," Berman said. The prosecutor also said that the investigation is continuing.

Geoffrey Berman, U.S. attorney for the southern district of New York, speaks at a news conference on March 25, 2019 in New York City. Spencer Platt | Getty Images

In the Los Angeles case, Avenatti is charged two criminal counts: wire fraud and bank fraud. His presentment in that case will occur at a later date. In a statement, Nike said, "Nike will not be extorted or hide information that is relevant to a government investigation." "Nike has been cooperating with the government's investigation into NCAA basketball for over a year," the company said. "When Nike became aware of this matter, Nike immediately reported it to federal prosecutors. When Mr. Avenatti attempted to extort Nike over this matter, Nike with the assistance of outside counsel at Boies Schiller Flexner, aided the investigation." "Nike firmly believes in ethical and fair play, both in business and sports, and will continue to assist the prosecutors," the company said. Avenatti's law firm in Los Angeles had no immediate comment. The White House did not immediately comment. But Trump's re-election campaign manager Brad Parscale tweeted a reference to Avenatti's arrest and to the release of a summary of the investigation by special counsel Robert Mueller that did not end in criminal allegations against the president. In the Los Angeles federal case, Avenatti is accused in a 197-page complaint of negotiating a $1.6 million settlement for a client in a civil case, but then giving the client "a bogus settlement agreement with a false payment date of March 10, 2018." The U.S. Attorney's Office in Los Angeles said "Avenatti misappropriated his client's settlement money and used it to pay expenses for his coffee business, Global Baristas US LLC, which operated Tully's Coffee stores in California and Washington state, as well as for his own expenses." "When the fake March 2018 deadline passed and the client asked where the money was, Avenatti continued to conceal that the payment had already been received," according to prosecutors.

Michael Avenatti, the former lawyer for adult film actress Stormy Daniels' and a fierce critic of President Donald Trump, speaks to the media after being arrested for allegedly trying to extort Nike for $15-$25 million on March 25, 2019 in New York City. Stephanie Keith | Getty Images

"Mr. Avenatti is facing serious criminal charges alleging he misappropriated client trust funds for his personal use and he defrauded a bank by submitting phony tax returns in order to obtain millions of dollars in loans," U.S. Attorney Nick Hanna said. Hanna's office said Avenatti allegedly defrauded a bank in Mississippi by submitting to that bank fake tax returns to get three loans totaling $4.1 million for his law firm and coffee business in 2014. The tax returns indicated that he had "substantial income even though he had never filed any such returns with the Internal Revenue Service," the prosecutor's office said. "The phony returns stated that he earned $4,562,881 in adjusted gross income in 2011, $5,423,099 in 2012, and $4,082,803 in 2013. ... Avenatti allegedly also claimed he paid $1.6 million in estimated tax payments to the IRS in 2012 and paid $1.25 million in 2013." "In reality, Avenatti never filed personal income tax returns for 2011, 2012 and 2013 and did not make any estimated tax payments in 2012 and 2013," Hanna's office said. "Instead of the millions of dollars he claimed to have paid in taxes, Avenatti still owed the IRS $850,438 in unpaid personal income tax plus interest and penalties for the tax years 2009 and 2010. Avenatti also submitted a fictitious partnership tax return for his law firm," the investigators said. U.S. Attorney for Los Angeles Nicola Hanna said, "On his Twitter account, Mr. Avenatti describes himself as 'Attorney, Advocate, Fighter for Good.' But the allegations in this case describe something different: A corrupt lawyer who instead fights for his own selfish interests by misappropriating close to $1 million that rightfully belong to one of his clients." On Tuesday, Avenatti took to Twitter to thank his supporters. "I want to thank all of my supporters for your kind words and support today. It means a lot to me. I am anxious for people to see what really happened. We never attempted to extort Nike & when the evidence is disclosed, the public will learn the truth about Nike's crime & coverup." Read the New York federal criminal complaint against Michael Avenatti:</s>LOS ANGELES — U.S. prosecutors on two coasts have charged President Donald Trump critic and attorney Michael Avenatti with extortion and bank and wire fraud.

A spokesman for the U.S. attorney in Los Angeles said Avenatti was arrested Monday in New York.

Spokesman Ciaran McEvoy says the lawyer best known for representing porn actress Stormy Daniels in lawsuits against Trump faces federal charges in New York and California.

In the New York case, he was accused of threatening to use his ability to get publicity to harm the sports apparel giant Nike.

In the California case, Avenatti was accused of embezzling a client’s money to pay his own expenses and debts — as well as those of his coffee business and law firm. The U.S. attorney’s office also said he defrauded a bank by using phony tax returns to obtain millions of dollars in loans.

Prosecutors in both states planned to release more details at news conferences later Monday.

In the New York case, Avenatti was charged with conspiracy to transmit interstate communications with intent to extort, conspiracy to commit extortion, transmission of interstate communications with intent to extort and extortion. The charges carry a potential penalty of 47 years in prison.

A criminal complaint said Avenatti threatened to hold a news conference on the eve of Nike’s quarterly earnings call and the start of the NCAA tournament to announce allegations of misconduct by Nike employees.

Avenatti and a co-conspirator demanded to be paid a minimum of $15 to $25 million and an additional $1.5 million for an Avenatti client to remain silent, the complaint said.

The court papers said the co-conspiracy, who was not identified in court papers, is also an attorney licensed to practice in California. It said the co-conspirator, like Avenatti, represents celebrities and public figures.

The court papers said the client is a coach of an amateur athletic union men’s basketball program in California. The complaint said the AAU program coached by the Avenatti client was sponsored by Nike for $72,000 annually.

Avenatti tweeted that he planned to hold a news conference regarding Nike on Tuesday morning. Less than 45 minutes later, prosecutors announced the extortion charges.

Avenatti represented Daniels, whose real name is Stephanie Clifford, in a lawsuit to break a confidentiality agreement to speak about her alleged affair with Trump.</s>Attorney Michael Avenatti has been arrested on charges of extortion and bank fraud.

Ciaran McEvoy, a spokesman for the U.S. attorney in Los Angeles, said that Avenatti faces federal charges in new York and California.

In New York, Avenatti is charged with trying to extort Nike by threatening to release damaging information about the company if it didn't pay him and his client $10 million.

A press conference is scheduled in Los Angeles Monday afternoon to discuss his charges in California.

A criminal complaint against Avenatti said that he spoke to Nike lawyers on the phone and threatened to "take billions of dollars off your client's market cap," according to CNBC.

Earlier today, Avenatti tweeted announcing a press conference to discuss claims against Nike. He claimed he would "disclose a major high school/college basketball scandal" by Nike.

Avenatti represented Stormy Daniels in her lawsuit against Donald Trump and his former lawyer Michael Cohen. Earlier this month, he announced he was no longer representing Daniels, but did not provide any further details.

The Associated Press contributed to this report.

This is a developing story. Check back for updates.</s>LOS ANGELES (AP) — U.S. prosecutors have charged Trump critic and attorney Michael Avenatti with extortion and bank and wire fraud.

A spokesman for the U.S. attorney in Los Angeles said Avenatti was arrested Monday in New York.

Spokesman Ciaran McEvoy says the lawyer best known for representing porn actress Stormy Daniels in lawsuits against President Donald Trump faces federal charges in New York and California.

In New York, he was accused of threatening to use his ability to get publicity to harm Nike. Prosecutors say he demanded that the apparel company give him $10 million.

Prosecutors in California planned to release more details at a news conference later Monday.

Avenatti represented Daniels, whose real name is Stephanie Clifford, in a lawsuit to break a confidentiality agreement to speak about her alleged affair with Trump.</s>Federal prosecutors charge Trump critic Michael Avenatti with extortion and bank and wire fraud; place him under arrest.

NEW YORK (AP) — Federal prosecutors charge Trump critic Michael Avenatti with extortion and bank and wire fraud; place him under arrest.</s>Michael Avenatti Charged with Extortion against Nike, Arrested for Wire Fraud

Michael Avenatti has been arrested and charged with trying to extort $20 million out of Nike.

The feds claim Avenatti told Nike's lawyers if they didn't pay him between $15 million and $25 million he would hold a news conference on the eve of Nike's quarterly earnings call and the start of March Madness and announce allegations of misconduct by employees at the shoe company.

According to the complaint, Avenatti demanded Nike hire him to conduct an internal investigation for the enormous salary.

The U.S. Attorney for the Southern District of New York says Avenatti was representing a client who was the coach of an AAU Youth Club basketball team.

Prosecutors say Avenatti gave Nike an option ... don't hire him but pay $22.5 million to resolve the dispute and buy his silence.

The complaint says Avenatti claimed the AAU coach had evidence that one or more Nike employees had funded payments to the families of top high school basketball players and attempted to conceal those payments.

According to prosecutors, there was a call on March 20th between Avenatti and Nike during which Avenatti said, "I'm not f**king around with this, and I'm not continuing to play games ... you guys know enough now to know you've got a serious problem ... So if you guys think that you know, we're gonna negotiate a million five, and you're gonna hire us to do an internal investigation, but it's gonna be capped at 3 or 5 or 7 million dollars, like let's just be done."

Prosecutors say then Avenatti makes a threat ..."I'll go and I'll go take 10 billion dollars off your client's market cap. But I'm not f**king around."

The U.S. Attorney says the call was recorded and there's video of a meeting between Avenatti and Nike attorneys on March 21st.

We reached out to Avenatti, but we could not get through.</s>Lawyer Michael Avenatti is facing charges related to an alleged multi-million extortion attempt against Nike, according to a complaint filed by the FBI in the Southern District of New York.

Avenatti, who represented porn star Stormy Daniels in her lawsuits against President Donald Trump, was arrested Monday, CNBC reported.

A federal complaint said Avenatti was charged with extortion, conspiracy to commit extortion, conspiracy to transmit interstate communications with intent to extort, and transmission of interstate communications with intent to extort.

Federal prosecutors in Los Angeles have also filed separate charges of wire fraud and bank fraud against Avenatti.

Avenatti was taken into custody shortly after noon in New York City, according to CNBC.

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The complaint filed by New York prosecutors said Avenatti sought millions from Nike and $1.5 million for an unnamed co-conspirator.

The complaint said that Avenatti told Nike attorneys that if it did not pay, “I’ll take ten billion dollars off your client’s market cap … I’m not f—ing around.”

The complaint alleged that Avenatti planned to hold a media event timed to Nike’s quarterly earnings announcement and the NCAA basketball tournament to publicly announce that he had discovered employee misconduct at Nike.

Avenatti tweeted about the event shortly before news broke of the charges field against him.

According to the complaint, Nike was targeted because it was not renewing a sponsorship contract it had with an amateur team coached by Avenatti’s client.

Avenatti said that he would not hold the media event if Nike agreed to hire him to conduct an internal investigation of the allegations and pay him between $15 million and $25 million, according to the complaint. If Nike did not like that option, Avenatti offered them a deal to pay $22.5 million to Avenatti and his unnamed client, the complaint stated.

Avenatti said he was prepared to tell the public that he had evidence that one or more Nike employees “had authorized and funded payments to the families of top high school basketball players and/or their families and attempted to conceal the payments,” the complaint stated.

RELATED: U.S Attorney Nick Hanna Savages Avenatti: ‘A Lawyer Has a Basic Duty Not to Steal from His Client’

After that meeting, Nike’s attorneys contacted the U.S. Attorney’s Office for the Southern District of New York.

According to the complaint, investigators began monitoring communications between Avenatti and Nike. The complaint quotes Avenatti at one point displeased that his demands were not being met.

“You guys know enough now to know you’ve got a serious problem. And it’s worth more in exposure to me to just blow the lid on this thing,” Avenatti said, according to the complaint. “A few million dollars doesn’t move the needle for me. I’m just being really frank with you. So if that’s what, if that’s what’s being contemplated, then let’s just say it was good to meet you, and we’re done. And I’ll proceed with my press conference tomorrow.

“I’m not f—ing around with this thing anymore. So if you guys think that you know, we’re gonna negotiate a million five, and you’re gonna hire us to do an internal investigation, but it’s gonna be capped at 3 or 5 or 7 million dollars, like, let’s just be done,” he said, according to the complaint.

The charges against Avenatti from California involve allegedly defrauding a bank in Mississippi and embezzling money from a client, according to a Justice Department news release.

“A lawyer has a basic duty not to steal from his client,” United States Attorney Nick Hanna said. “Mr. Avenatti is facing serious criminal charges alleging he misappropriated client trust funds for his personal use and he defrauded a bank by submitting phony tax returns in order to obtain millions of dollars in loans.”

“Professionals, including attorneys, who create elaborate schemes that have no purpose other than to mislead others and defraud both their clients and federally insured financial institutions, run the very high risk of prosecution,” Special Agent in Charge Ryan Korner of IRS-Criminal Investigation said in the news release.

“The criminal complaint unsealed today shows a pattern of selfish behavior that paints Mr. Avenatti as a lawyer who only represents his own self interests.”

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.</s>Federal prosecutors in New York and California announced charges against Michael Avenatti on Monday in separate cases targeting the former personal attorney for adult film actress Stormy Daniels.

Avenatti, who was arrested in New York City on Monday morning, stands accused of attempting to extort Nike for $20 million and faces additional charges of bank- and tax-fraud.

Charges in the separate cases were announced almost simultaneously. In a press conference on Monday, U.S. Attorney for the Central District of California Nick Hanna said investigators in California and New York coordinated the release of charges and Avenatti’s arrest, though the cases were pursued separately.

Prosecutors in New York wrote in a criminal complaint filed Sunday that Avenatti and an unnamed co-conspirator threatened to release damaging information about Nike if the sportswear giant refused to make multi-million dollar payments to them and an additional $1.5 million payment to an individual Avenatti claimed to represent.

In a phone call with lawyers for Nike last week, Avenatti and the unnamed co-conspirator allegedly said if those demands were not met, "I'll go take $10 billion dollars off your client's market cap. I'm not f***ing around," according to the criminal complaint.

ABC News has learned that the alleged unnamed co-conspirator referenced in the New York case against Avenatti is celebrity attorney Mark Geragos. He has not been charged or arrested, and he did not reply to a request for comment. The U.S. Attorney's Office, citing its policy of not naming people who are not charged, declined to comment.

Avenatti was not immediately available for a comment.

"At its core, this was an old-fashioned shake-down," U.S. Attorney for the Southern District of New York Geoffrey Berman said at a press conference on Monday.

Nike said in a statement that the company “will not be extorted or hide information that is relevant to a government investigation," adding that "when Mr. Avenatti attempted to extort Nike over this matter, Nike with the assistance of outside counsel at Boies Schiller Flexner, aided the investigation."

Earlier Monday, Avenatti tweeted plans to hold a press conference "to disclose a major high school/college basketball scandal perpetrated by @Nike."

Federal investigators told ABC News that Avenatti was taken into custody approximately 15 minutes later.

In addition to the extortion charges in New York, prosecutors in California filed an affidavit over the weekend accusing Avenatti of stealing funds from a client to pay off his own expenses and "defrauded a bank in Mississippi by submitting to the lender false tax returns in order to obtain three loans totaling $4.1 million."

"[Avenatti] violated the principals of honesty and fairness," Hanna said Monday.

Avenatti, 48, gained prominence for representing Daniels in a defamation lawsuit against President Donald Trump. In December, a federal judge in California ordered Daniels to pay Trump just under $300,000 in legal fees throwing out her defamation suit in October.

Earlier this year, Daniels announced that Avenatti no longer represented her. In a statement from Daniels and her current attorney, Clark Brewster, on Monday, the adult film star said she was "saddened but not shocked by news reports that he has been criminally charged today."

"I made the decision more than a month ago to terminate Michael's services after discovering that he had dealt with me extremely dishonestly and there will be more announcements to come," Daniels said. "I ask that the media respect my decision to withhold further public comment regarding Mr. Avenatti at this time."</s>Stormy Daniel's former attorney Michael Avenatti admitted he's feeling 'nervous and scared' in his first interview since being charged with federal counts of fraud and extortion.

Avenatti was formerly accused of trying to extort $25 million from Nike on Monday, after the sportswear brand claim the New York-based lawyer repeatedly threatened to release unfavorable information about the company unless they paid for his silence.

In a separate lawsuit, prosecutors in California charged Avenatti with wire and bank fraud for allegedly lying to one of his clients about the amount of a settlement claim, and for using falsified tax returns to obtain bank loans.

If convicted of all charges, Avenatti potentially faces the rest of his life behind bars.

'Of course I'm nervous,' Avenatti told CBS News on Tuesday regarding the seriousness of the allegations. 'I'm nervous, I'm concerned, I'm scared.'

'I feel terrible for my family, I feel bad by my friends,' he continued. 'Most are sticking by me because they know what I'm about. I feel very fortunate in that regard,'

Avenatti was released on a $300,000 bond on Monday and is set to re-appear in court in April, in both New York and California.

'Sure, I'm nervous, I'm scared. I'm all of those things. And if I wasn't, it wouldn't make a lot of sense,' he concluded in a short snippet of the interview set to air on CBS Evening News tonight.

Avenatti's tone marked a stark contrast to the confident one displayed in a press conference in New York on Monday evening, where he told reporters he would be 'fully exonerated'.

'As all of you know for the entirety of my career I have fought against the powerful. Powerful people and powerful corporations,' he told the press. 'I will never stop fighting that good fight.

'I am highly confident that when all of the evidence is laid bare in connection with these cases, when it is all known, when due process occurs that I will be fully exonerated and justice will be done.'

Avenatti reaffirmed his innocence in a tweet, saying he 'never attempted to extort Nike', and the public would soon learn the truth of their 'crime and cover-up'.

His social media expose continued on Tuesday morning, where, in a series of posts, Avenatti named both DeAndre Ayton and Bol Bol as examples of NCAA players who've received improper funding from Nike.

Ayton played a single season at the University of Arizona before becoming the first pick in the 2018 draft while Bol Bol is the son of 7ft 7in NBA great Manute Bol, who passed away back in 2010.

Avenatti claimed Bol Bol 'and his handlers' took 'large sums' to play for The University of Oregon, a Nike sponsored school. He also implicated Ayton, writing: 'Ask DeAndre Ayton and Nike about the cash payments to his mother and others.'

Avenatti claims he has proof that Nike was paying players illegally to sign with certain schools when they were in high school, and says he planned to expose the scheme in a press conference.

But Prosecutors say that rather than try to make the alleged scheme public knowledge, he has been threatening Nike and demanding up to cash to stay quiet.

The charges against Avenatti were announced shortly after he tweeted: 'Tmrw at 11 am ET, we will be holding a press conference to disclose a major high school/college basketball scandal perpetrated by @Nike that we have uncovered. This criminal conduct reaches the highest levels of Nike and involves some of the biggest names in college basketball.'

According to his indictment, Avenatti's interest in the case began with the coach of an amateur youth travel basketball team who he represents.

The team had recently lost its $72,000 sponsorship deal from Nike.

Last week, Avenatti contacted Nike claiming to not only know about the 'scam' but insisting the company should pay his client $1.5 million to stay quiet and give him an additional $15 million to $25 million to 'investigate' it.

'I'll go take ten billion dollars off your client's market cap,' Avenatti allegedly said during the call.

He later noted: 'I'm not f***ing around.'

In a statement on Monday, Nike said it 'has been cooperating with the government's investigation into NCAA basketball for over a year...[and] firmly believes in ethical and fair play, both in business and sports, and will continue to assist the prosecutors.'

Avenatti gained public notoriety when he represented former adult film star Stormy Daniels in a lawsuit against President Trump last year.

'Knowing what I know about Michael Avenatti, I am saddened but not shocked by news reports that he has been criminally charged today,' ex-client Daniels tweeted on Monday.

'I made the decision more than a month ago to terminate Michael's services after discovering that he had dealt with me extremely dishonestly and there will be more announcements to come.'

Avenatti faces almost 100 years in prison if convicted in both cases, as well as possible disbarment as a lawyer.</s>Attorney Michael Avenatti has been arrested on federal charges of wire and bank fraud in California, the U.S. attorney's office in Los Angeles said Monday.

Authorities in the Central District of California plan to hold a press conference detailing the charges Monday afternoon.
Attorney Michael Avenatti is arrested and charged with extortion, embezzlement and bank fraud.