If you are a sneakerhead who follows reselling drama closely, then you have probably heard of Zadeh Kicks. The company was owned by a man named Michael Malekzadeh who is set to go to trial over a federal investigation into his business. Malekzadeh is accused of running a Ponzi scheme that stole millions of dollars from prospective clients who never actually got the shoes they ordered.
Zadeh Kicks was allegedly hoarding upwards of 60,000 kicks totaling a value $85 million and according to Bloomberg, these shoes are about to go up for sale. The feds have seized a plethora of pairs from Malekzadeh's at-home collection as well as tens of thousands of shoes from his warehouse.
As you can see in the graph down below, there are 4,700 Yeezys and 4,600 Adidas sneakers to be sold. Over 48,000 Nike's were part of the raid, and it is believed that a good chunk of these were Jordan Brand sneakers. Unfortunately, a Bloomberg reports, the sale of these shoes will not be enough to repay all of the victims.
This is easily one of the biggest sneaker scams ever recorded, and with more information yet to be uncovered, there is no doubt that some questions are going to be answered soon.
Stay tuned to HNHH for updates on this story.
Continue reading...
Zadeh Kicks was allegedly hoarding upwards of 60,000 kicks totaling a value $85 million and according to Bloomberg, these shoes are about to go up for sale. The feds have seized a plethora of pairs from Malekzadeh's at-home collection as well as tens of thousands of shoes from his warehouse.
As you can see in the graph down below, there are 4,700 Yeezys and 4,600 Adidas sneakers to be sold. Over 48,000 Nike's were part of the raid, and it is believed that a good chunk of these were Jordan Brand sneakers. Unfortunately, a Bloomberg reports, the sale of these shoes will not be enough to repay all of the victims.
This is easily one of the biggest sneaker scams ever recorded, and with more information yet to be uncovered, there is no doubt that some questions are going to be answered soon.
Stay tuned to HNHH for updates on this story.
Continue reading...