A former Nike executive will be spending a year behind bars after being convicted of wire fraud. David Reichert is at the center of the fraud scandal which cost the brand close to a million dollars or $770,000 to be exact. Apparently, Reichert was using his position at Nike to give discounts to companies he owned outside of the company. He allegedly provided "discounts [that] were typically five to ten times greater than Nike allowed for even its best wholesale customers," according to Nike's court filing.
Reichert pled guilty to two counts of wire fraud back in May and just received his sentence of 13 months.