FBI Seized $6.1 Million From Sneaker Reseller Zadeh Kicks
New information has come out regarding the sneaker resale company, Zadeh Kicks LLC, that has now been dissolved.
The FBI and other officials have been collecting the personal assests of the owner, Michael Malekzadeh. As of now, the government has seized nearly 1,100 pairs of sneakers. The have also taken watches, jewelry, handbags, and almost $1 million in cash.
A report also noted that Zadeh Kicks had 60,000 pairs of sneakers in the inventory. This was prior to Malezadeh filing papers to get rid of the business. The inventory derived from other sneaker resellers. 100 pairs of those shoes are undergoing a pending insurance claim from damage at the location. Out of the 60,000 pairs, close to 48,339 were Nike and Jordan sneakers.
Even though the company still has the inventory, the fulfillment of the shoes won’t continue. Instead, a sales strategy will be put into place to “maximize recovery from the inventory for the benefit of all creditors.”
On May 19, Malezadeh submitted paperwork in court to dissolve the business. He also wanted to take possession, control, management, and operation of his assets. The increased growth of his company has caused him to be unable to keep up the business, he said.
Zadeh Kicks asked that the court appoint a receiver to manage its assets and pay off creditors.
The company operated mostly by providing sneaker pre-orders to its customers. Then, buyers would usually pay months ahead for shoes that hadn’t been released yet or not confirmed to have dropped. As a result, many customers never received their orders, in amount that has gone into the millions.
A receiver named to a case has to update the court every 60 days and every two months.
The next update should come in September.
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