Nearly 60,000 Pairs of Nike, Adidas & Yeezy Sneakers to be Sold from $85 Million Zadeh Kicks Ponzi Scheme

Just weeks after a former sneaker resale business owner was charged with orchestrating a multimillion-dollar wire and bank fraud Ponzi scheme, a court-appointed receiver is looking to unload nearly 60,000 pairs of shoes to raise funds for victims. Michael Malekzadeh, the former owner of Zadeh Kicks LLC, a now-defunct Oregon corporation that sold limited-edition and collectible sneakers online, was criminally charged with wire fraud, conspiracy to commit bank fraud, and money laundering on Aug. 3, accused of swindling $85 million out of customers and financial institutions. Now, according to court documents viewed by Bloomberg, 59,780 pairs of shoes tucked away in a warehouse belonging to the man once described as “the Bernie Madoff of sneakers” are now being auctioned off by a court-appointed receiver. Among the first to go: 1,100 or so pairs from Malekzadeh’s personal collection, both new and used, according to court documents. And in his closely guarded warehouse, there are 4,746 Yeezys, 4,626 Adidas shoes, and 48,339 Nike shoes — a good chunk of which are believed to be highly coveted Air Jordans. Styles from Vans, Asics, New Balance, Converse, Puma and Reebok are also included in the sale. Altogether, experts told Bloomberg that the still-boxed and tagged lot of shoes could

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