Zadeh Kicks’ Ponzi Scheme Up For Sale Soon With Whopping 60,000 Sneakers

It has been a month since prosecutors accused Zadeh Kicks owner Michael Malekzadeh of running a multi-million-dollar Ponzi Scheme. According to recent reports, the team rescued around 59,780 pairs of shoes. Among these sneaks, the collection ranges from big brands such as Nike, Yeezy, and adidas. To be more precise, they have found 48,339 pairs of Nikes, 4,746 Yeezys, and 4,626 adidas in the seize. However, the news may be more depressing than our typical sneak updates. But we never let our sneakerheads leave without some good news! On this occasion, the “good” in the news is that Zadeh Kicks’ Ponzi Scheme Up For Sale Soon With Whopping 60,000 Sneakers soon as possible, to compensate the thousands of customers who never got their shoes.

Known as the Bernie Madoff of sneakers by authorities, the 39-year-old Malekzadeh dissolved Zadeh Kicks in May. Although the team was pleading to be not guilty of money laundering, wire fraud, and conspiracy to commit bank fraud, the truth did not hide for long. Soon, the reports of the store allegedly pocketing over USD 70 million from the pre-sale Air Jordan 11 “Cool Grey” alone began to surface. Moreover, they also had the accusation of falsifying loan applications for more than $15 million.

Moving on to the news you are waiting for; the resell will first include around 1,100 used and unused sneakers from Malekzadeh’s collection. However, despite all the best efforts, the authorities and industry leaders do not have the assurance that the amount from the resell will be enough to equal the sum owed because there are more than 15,000 creditors, including private individuals and financial institutions such as AMEX and PayPal. The final decision to sell the sneakers in bulk or through different resale platforms is still pending.

Regardless, the news of Zadeh Kicks’ Ponzi Scheme Up For Sale Soon With Whopping 60,000 Sneakers has been confirmed. If you want more sneaker news, follow us on Facebook and Twitter.

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