Sneaker Fraud Mastermind Pleads Guilty to $80 Million Scheme (1)

Michael Malekzadeh, the founder of Zadeh Kicks, pleaded guilty to fraud and will avoid trial over the infamous collapse of his online sneaker reselling platform that reverberated across the market.

Malekzadeh, 42, was charged in 2022 with fraud for cheating customers out of $65 million worth of unfulfilled sneaker orders and falsifying loan applications for more than $15 million in bank financing. After initially pleading not guilty, he changed his plea Thursday, according to a press release by the US Attorney’s office in Oregon.

Read More: The Sneaker So Hot It Blew Up Alleged $85 Million Ponzi Scheme

The guilty ...