Avenatti Indicted By Federal Prosecutors on Multiple Felony Counts

Federal prosecutors indicted attorney and celebrity Trump foe Michael Avenatti early Monday afternoon.

Federal authorities say that Avenatti has been charged with bank fraud and wire fraud by attempting “to extract more than $20 million in payments from a publicly traded company by threatening to use his ability to garner publicity to inflict substantial financial and reputational harm on the company if his demands were not met.”

The company in question is Nike, the sportswear and apparel giant. The company’s shares plummeted after Avenatti cryptically announced on Twitter Monday that he would detail “a major high school/college basketball scandal” which Nike perpetrated at a Tuesday press conference.

Avenatti formerly represented Stephanie Clifford, known popularly by the industry name “Stormy Daniels” in her bid to defeat a non-disclosure agreement pertaining to her alleged relationship with President Donald Trump. Clifford and Avenatti have since parted ways.

A press conference will follow Monday afternoon detailing the indictment at greater length.

This is breaking news. This post will be updated as more information becomes available.