Altogether, experts say the still-boxed and tagged shoes could be worth between $12 million and $20 million—at best.
Altogether, experts told Bloomberg that the still-boxed and tagged lot of shoes could be worth anywhere between $12 million and $20 million—at best. A far cry from the $70 million Malekzadeh is charged with defrauding out of customers.According to Bloomberg, the goal is to sell as many of the sneakers as possible, as soon as possible, to reimburse thousands of customers who authorities say ordered shoes but never got them.
According to court documents, Malekzadeh started his business in 2013 by purchasing limited-edition and collectible sneakers to resell online. Beginning as early as January 2020, Zadeh Kicks began offering preorders of sneakers before their public release dates, allowing Malekzadeh to collect money upfront via PayPal or wire transfer before fulfilling orders.
By April 2022, Malekzadeh owed customers more than $70 million in undelivered sneakers and unknown additional millions held by customers in worthless company gift cards.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Controversy continues over DeSantis' $12 million plan to transport undocumented migrants out of FloridaImmigration advocates and other critics say money could be better used for other needs of Floridians, instead of “targeting and demonizing” immigrants.
Read more »
How to tell if a cryptocurrency project is a Ponzi schemeThe phrase “Ponzi scheme” emerged in 1920 when a swindler named Charles Ponzi marketed a high-returns program to investors that supposedly leveraged postal reply coupons to achieve impressive earnings.
Read more »
So Many People With Student Debt Never Graduated CollegeOver 30% of the 43 million student debtors in the United States — roughly 16.6 million people — have debt but no degree.
Read more »
Jeffrey Epstein mentor Steven Hoffenberg dead at 77Medical examiners confirmed on Friday that Jeffrey Epstein mentor Steven Hoffenberg was the person found dead in a Connecticut apartment earlier this week.
Read more »