PORTLAND — A fired Nike executive pleaded guilty to defrauding his former employer by using its software to grant two outside companies he operated much higher discounts than the sportswear giant allowed for even its best wholesale customers.
David Reichert, 51, worked for Nike for nearly 15 years as a sale account executive in its apparel division. He was fired in July 2014, according to court documents.
Reichert pleaded guilty to two counts of wire fraud before U.S. District Judge Robert E. Jones. He admitted to devising a scheme that defrauded his former employer of more than $550,000 “to enrich himself,” Assistant U.S. Attorney Ryan Bounds said.
When he’s sentenced on July 23, prosecutors will ask that he serve a year and a half in prison.
While he awaits sentencing, Reichert has agreed to pay $400,000 in restitution by May 14.
